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Possible Bullish Inside Day Candle Pattern Detected for East West Bncrp (NASDAQ:EWBC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in East West Bncrp (NASDAQ:EWBC) based on the price action in the company's shares. Yesterday's price range of $43.65 and $44.37 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of East West Bncrp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

East West Bancorp, Inc. is the holding company for East-West Bank. The Bank is a commercial bank specializing in commercial, construction, and real estate lending, as well as financing international trade. East-West operates throughout Los Angeles, Orange, San Francisco, and Santa Clara counties.

Potential upside of 75.1% exists for East West Bncrp, based on a current level of $43.76 and analysts' average consensus price target of $76.64. The stock should run into initial resistance at its 50-day moving average (MA) of $48.65 and subsequent resistance at its 200-day MA of $52.16.

East West Bncrp share prices have moved between a 52-week high of $73.98 and a 52-week low of $40.05 and closed yesterday at 9% above that low price at $43.76 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of East West Bncrp on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $47.90. Since that call, shares of East West Bncrp have fallen 9.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle east west bncrp

Ticker(s): EWBC