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Possible Bearish Inside Day Candle Pattern Detected for Oceanfirst Finl (NASDAQ:OCFC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oceanfirst Finl (NASDAQ:OCFC) based on the price action in the company's shares. Yesterday's price range of $24.24 and $24.60 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 Oceanfirst Finl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

OceanFirst Financial Corp. is the holding company for OceanFirst Bank. The Bank is a federally-chartered stock savings bank that provides primarily single family residential mortgage loans and invests in mortgage-backed and other securities. OceanFirst operates branches principally in Ocean County, New Jersey.

Oceanfirst Finl (NASDAQ:OCFC) has potential upside of 31.5% based on a current price of $24.46 and analysts' consensus price target of $32.17. The stock should find initial support at its 200-day moving average (MA) of $23.97 and further support at its 50-day MA of $23.82.

In the past 52 weeks, shares of Oceanfirst Finl have traded between a low of $18.98 and a high of $30.70 and closed yesterday at $24.46, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.12% lower and 0.35% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Oceanfirst Finl on September 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.32. Since that recommendation, shares of Oceanfirst Finl have risen 9.6%. We continue to monitor OCFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle oceanfirst finl

Ticker(s): OCFC