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

By Shiri Gupta

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 $38.59 and $39.55 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.

PacWest Bancorp (NASDAQ:PACW) has potential upside of 27.4% based on a current price of $39.00 and analysts' consensus price target of $49.67. The stock should hit resistance at its 200-day moving average (MA) of $41.08, as well as 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.

In the past 52 weeks, PacWest Bancorp share prices have been bracketed by a low of $29.05 and a high of $48.85 and closed yesterday at $39.00, 34% above that low price. The 200-day and 50-day moving averages have moved 0.42% lower and 1.56% higher over the past week, respectively.

SmarTrend is tracking the current trend status for PacWest Bancorp and will alert subscribers who have PACW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle pacwest bancorp

Ticker(s): PACW