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Possible Bearish Inside Day Candle Pattern Detected for Ofg Bancorp (NYSE:OFG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ofg Bancorp (NYSE:OFG) based on the price action in the company's shares. Today's price range of $20.63 and $20.63 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 Ofg Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

OFG Bancorp is the holding company for Oriental Bank. The Bank provides trust, money management, financial planning, and investment brokerage services, as well as consumer banking and mortgage banking. Oriental operates through a network of branch offices in Puerto Rico.

Ofg Bancorp share prices have moved between a 52-week high of $21.64 and a 52-week low of $10.30 and are now trading 100% above that low price at $20.63 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.7%.

Ofg Bancorp (NYSE:OFG) is currently priced 29.3% above its average consensus analyst price target of $14.58. The stock should discover initial support at its 50-day moving average (MA) of $19.29 and subsequent support at its 200-day MA of $16.94.

SmarTrend recommended that subscribers consider buying shares of Ofg Bancorp on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.39. Since that recommendation, shares of Ofg Bancorp have risen 18.7%. We continue to monitor OFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ofg bancorp

Ticker(s): OFG