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Possible Bullish Inside Day Candle Pattern Detected for Wilshire Bancorp (NASDAQ:WIBC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wilshire Bancorp (NASDAQ:WIBC) based on the price action in the company's shares. Yesterday's price range of $9.84 and $10.10 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 Wilshire 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.

Wilshire Bancorp, Inc. is the holding company of Wilshire State Bank, which serves businesses and consumers in Los Angeles and Orange Counties in California and also has loan offices in Northern California, Washington, Oklahoma, Nevada and Texas. The Bank specializes in making Small Business Administration and other loans to minority-owned businesses.

Wilshire Bancorp has overhead space with shares priced $10.03, or 15.7% below the average consensus analyst price target of $11.90. Wilshire Bancorp shares should first meet resistance at the 50-day moving average (MA) of $10.46 and find additional resistance at the 200-day MA of $10.85.

In the past 52 weeks, Wilshire Bancorp share prices have been bracketed by a low of $9.40 and a high of $13.02 and closed yesterday at $10.03, 7% above that low price. The 200-day and 50-day moving averages have moved 0.36% lower and 0.64% higher over the past week, respectively.

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

Keywords: bullish am inside day candle wilshire bancorp

Ticker(s): WIBC