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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 $4.86 and $4.99 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 has overhead space with shares priced $4.89, or 24.3% below the average consensus analyst price target of $6.47. The stock should discover initial support at its 200-day moving average (MA) of $3.98 and subsequent support at its 50-day MA of $2.84.

Over the past year, Genworth Financial has traded in a range of $1.57 to $9.19 and is now at $4.89, 212% above that low. Over the past week, 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.

SmarTrend recommended that subscribers consider buying shares of Genworth Financial on August 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.53. Since that recommendation, shares of Genworth Financial have risen 42.7%. We continue to monitor GNW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle genworth financial

Ticker(s): GNW