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Possible Bearish Inside Day Candle Pattern Detected for East West Bncrp (NASDAQ:EWBC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in East West Bncrp (NASDAQ:EWBC) based on the price action in the company's shares. Today's price range of $33.81 and $34.33 is within yesterday'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. Owners of East West Bncrp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

East West Bancorp, Inc. is the holding company for East-West Bank. The Bank is a commercial bank specializing in commercial, construction, and real estate lending, as well as financing international trade. East-West operates throughout Los Angeles, Orange, San Francisco, and Santa Clara counties.

East West Bncrp (NASDAQ:EWBC) has potential upside of 126.3% based on a current price of $33.87 and analysts' consensus price target of $76.64. The stock should find resistance at its 200-day moving average (MA) of $41.52, as well as support at its 50-day MA of $30.86.

In the past 52 weeks, shares of East West Bncrp have traded between a low of $22.55 and a high of $52.97 and are now at $33.87, which is 50% above that low price. The 200-day and 50-day moving averages have moved 0.74% lower and 2.69% lower over the past week, respectively.

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

Keywords: bearish inside day candle east west bncrp

Ticker(s): EWBC