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Possible Bullish Inside Day Candle Pattern Detected for Western Alliance (NYSE:WAL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Western Alliance (NYSE:WAL) based on the price action in the company's shares. Yesterday's price range of $57.33 and $57.88 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 Western Alliance may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Western Alliance has traded in a range of $38.55 to $58.94 and closed yesterday at $57.50, 49% above that low. The 200-day and 50-day moving averages have moved 0.19% higher and 0.31% higher over the past week, respectively.

Western Alliance (NYSE:WAL) has potential upside of 20.9% based on a current price of $57.50 and analysts' consensus price target of $69.50. The stock should find initial support at its 50-day moving average (MA) of $56.85 and further support at its 200-day MA of $48.86.

Western Alliance Bancorp is a multi-bank holding company. The Company provides a full range of banking and related services to businesses and consumers in Nevada, Arizona, and California.

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

Keywords: bullish am inside day candle western alliance

Ticker(s): WAL