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

By Amy Schwartz

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 $38.70 and $39.36 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.

In the past 52 weeks, shares of Pacwest Bancorp have traded between a low of $38.40 and a high of $55.86 and closed yesterday at $38.98, which is 2% above that low price. The 200-day and 50-day moving averages have moved 0.46% lower and 1.86% lower over the past week, respectively.

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

Pacwest Bancorp has overhead space with shares priced $38.98, or 32.9% below the average consensus analyst price target of $58.12. The stock should find initial resistance at its 50-day moving average (MA) of $48.22 and further resistance at its 200-day MA of $51.00.

SmarTrend recommended that its subscribers protect gains by selling shares of Pacwest Bancorp on June 25th, 2018 by issuing a Downtrend alert when the shares were trading at $52.01. Since that call, shares of Pacwest Bancorp have fallen 26.1%. 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 pacwest bancorp

Ticker(s): PACW