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Possible Bearish Inside Day Candle Pattern Detected for Genworth Financial (NYSE:GNW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Genworth Financial (NYSE:GNW) based on the price action in the company's shares. Today's price range of $4.02 and $4.07 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 Genworth Financial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Genworth Financial share prices have moved between a 52-week high of $9.19 and a 52-week low of $1.57 and are now trading 158% above that low price at $4.04 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has advanced 6.1%.

Genworth Financial Inc. offers insurance, wealth management, investment and financial solutions The Company offers products that include life insurance products, long-term care insurance, and mortgage guarantee insurance coverage on residential mortgage loans. Genworth is active in the United States, Canada, Australia, New Zealand, Mexico and multiple European countries.

Potential upside of 16.6% exists for Genworth Financial, based on a current level of $4.04 and analysts' average consensus price target of $4.72. The stock should find initial support at its 200-day moving average (MA) of $3.98 and further support at its 50-day MA of $2.84.

SmarTrend is tracking the current trend status for Genworth Financial and will alert subscribers who have GNW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle genworth financial

Ticker(s): GNW