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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Western Alliance (NYSE:WAL) based on the price action in the company's shares. Yesterday's price range of $30.43 and $31.94 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 Western Alliance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Western Alliance share prices have been bracketed by a low of $20.90 and a high of $58.94 and closed yesterday at $30.71, 47% above that low price. The 200-day and 50-day moving averages have moved 0.72% lower and 5.68% lower over the past week, respectively.

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.

Western Alliance has overhead space with shares priced $30.71, or 55.8% below the average consensus analyst price target of $69.50. Western Alliance shares should first meet resistance at the 50-day moving average (MA) of $46.64 and find additional resistance at the 200-day MA of $47.84.

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

Keywords: bearish am inside day candle western alliance

Ticker(s): WAL