• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Pacwest Bancorp (NASDAQ:PACW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pacwest Bancorp (NASDAQ:PACW) based on the price action in the company's shares. Yesterday's price range of $18.14 and $19.51 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. Owners of Pacwest Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pacwest Bancorp share prices have moved between a 52-week high of $40.60 and a 52-week low of $13.84 and closed yesterday at 37% above that low price at $18.97 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 5.9%.

Potential upside of 206.4% exists for Pacwest Bancorp, based on a current level of $18.97 and analysts' average consensus price target of $58.12. Pacwest Bancorp shares should first meet resistance at the 50-day moving average (MA) of $30.67 and find additional resistance at the 200-day MA of $35.45.

PacWest Bancorp is a bank holding company. The Company, through its banking subsidiary, offers a wide range of commercial banking services.

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

Keywords: bearish am inside day candle pacwest bancorp

Ticker(s): PACW