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Possible Bullish Inside Day Candle Pattern Detected for Umpqua Holdings (NASDAQ:UMPQ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Umpqua Holdings (NASDAQ:UMPQ) based on the price action in the company's shares. Yesterday's price range of $21.24 and $21.65 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 Umpqua Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Umpqua Holdings has overhead space with shares priced $21.61, or 7.1% below the average consensus analyst price target of $23.27. The stock should find initial support at its 200-day moving average (MA) of $16.23 and further support at its 50-day MA of $15.85.

Umpqua Holdings Corporation is the holding company for Umpqua Bank, an Oregon state-chartered bank. Umpqua Bank is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Bank provides asset management, mortgage banking and other financial services to corporate, institutional and individual customers.

In the past 52 weeks, shares of Umpqua Holdings have traded between a low of $14.61 and a high of $23.18 and closed yesterday at $21.61, which is 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.4%.

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

Keywords: bullish am inside day candle umpqua holdings

Ticker(s): UMPQ