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

By Nick Russo

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. Yesterday's price range of $48.52 and $49.70 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 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.

There is potential upside of 16.6% for shares of Pacwest Bancorp based on a current price of $49.55 and an average consensus analyst price target of $57.80. The stock should discover initial support at its 200-day moving average (MA) of $41.08 and subsequent support at its 50-day MA of $37.15.

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

Pacwest Bancorp share prices have moved between a 52-week high of $57.53 and a 52-week low of $35.56 and closed yesterday at 39% above that low price at $49.55 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.4%.

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 am inside day candle pacwest bancorp

Ticker(s): PACW