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

By Amy Schwartz

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 $43.22 and $43.66 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.

Western Alliance share prices have moved between a 52-week high of $63.81 and a 52-week low of $37.39 and closed yesterday at 16% above that low price at $43.36 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.3%.

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.

Potential upside of 60.3% exists for Western Alliance, based on a current level of $43.36 and analysts' average consensus price target of $69.50. The stock should find initial resistance at its 50-day moving average (MA) of $44.97 and further resistance at its 200-day MA of $47.00.

SmarTrend recommended that its subscribers protect gains by selling shares of Western Alliance on May 14th, 2019 by issuing a Downtrend alert when the shares were trading at $45.26. Since that call, shares of Western Alliance have fallen 4.6%. 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 western alliance

Ticker(s): WAL