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Possible Bullish Inside Day Candle Pattern Detected for PacWest Bancorp (NASDAQ:PACW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PacWest Bancorp (NASDAQ:PACW) based on the price action in the company's shares. Today's price range of $36.00 and $36.65 is within yesterday'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 PacWest Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of PacWest Bancorp have traded between a low of $29.05 and a high of $48.85 and are now at $36.38, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.6%.

There is potential upside of 36.5% for shares of PacWest Bancorp based on a current price of $36.38 and an average consensus analyst price target of $49.67. The stock should find initial resistance at its 50-day moving average (MA) of $37.15 and further resistance at its 200-day MA of $41.08.

PacWest Bancorp is a bank holding company. The Company, through its banking subsidiary, offers a wide range of commercial banking services.

SmarTrend is monitoring the recent change of momentum in PacWest Bancorp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of PacWest Bancorp in search of a potential trend change.

Keywords: bullish inside day candle pacwest bancorp

Ticker(s): PACW