Western Alliance Bancorporation : Continuation of the bullish trend
By Sébastien Gatel
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$38.37 | $41 | $37.9 | +6.85% |
The fundamentals remain very strong with sales showing an expected increase for 2015 of +25%. On the other hand, analysts have revised upwards their earnings forecasts, EPS forecast are expected USD 1.67 for the 2015 fiscal year (+15%).
Technically Western Alliance Bancorporation's share presents a bullish configuration supported by well-oriented moving averages. In daily data, the increase has accelerated in recent weeks, the price is currently testing the USD 38.7 resistance.
In view of these fundamental and technical elements, it seems appropriate to open a long trade above this daily resistance. The target will be located at the upper limit of the channel whose crossing would aim a new historical high. A stop-loss will be placed under the entry point once the trade is opened.