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- 1 PacWest Bancorp Stock price is trading below the key moving averages.
- 2 PACW stock price is in the bears’ grasp showcasing bearishness on the daily chart frame after earning release.
- 3 PACW stock price broke below the crucial demand zone of $7.50 heading towards the lower levels.
PacWest Bancorp’s stock price broke its crucial support level of $7.20 after the earnings release and slumped approximately -5.21% showcasing bearishness on the daily timeframe. PacWest Bancorp (PACW) missed its Q3 2023 earnings as the analysts expected the EPS of $0.06 but the company reported an EPS loss of $0.31 per share. Moreover, the profit also fell by 130% year-on-year.
On 24 Oct 23, the PACW stock price opened at $7.24, made a high of $7.52, a low of $6.40, and closed at the level of $6.92. The total change was -5.21 with a trading volume of 14.967 Million.
The PacWest stock price is currently trading at $6.92 with an intraday drop of 5.21%. The market cap was 820.628 Million with a shares float of 116.147 Million. The basic EPS of the company is -11.93 and the dividend yield of the company is 0.58%.
The stock performance is dismal throughout the year as it has a negative performance of 70.19% year-to-date, 37.38% in the last six months, 29.32% in the span of 3 months, and 10.13% in the last month. This showcases the lacklusturous performance of the stock throughout the year.
Technical Analysis of PacWest Bancorp Stock Price in 1-D Timeframe
PacWest Bancorp stock is currently trading below the 50-day and 200-day SMAs, which are not providing support to the price trend. However, if selling pressure increases, the price could break below these SMAs and move lower.
The RSI indicator is currently at 34.25, which is in the negative zone. However, the 14-day SMA is above the RSI curve, which is a bearish signal.
The MACD indicator is also bearish, with the MACD line crossing below the signal line. This indicates that the PacWest Bancorp stock is likely to continue to fall in the near future.
Overall, the technical indicators suggest that PacWest Bancorp stock is bearish in the short term. However, if it can maintain the $6.30 level, it could continue to rise in the long term.
Summary
PacWest Bancorp stock (NASDAQ: PACW) technical oscillators support the bearish trend. The MACD, RSI, and EMA emphasize negative signs and imply that the downtrend may continue in the PACW stock price. PacWest Bancorp stock price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $6.38 and $5.65.
Resistance Levels: $8.52 and $7.44.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
