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Possible Bearish Inside Day Candle Pattern Detected for Pegasystems Inc (NASDAQ:PEGA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pegasystems Inc (NASDAQ:PEGA) based on the price action in the company's shares. Yesterday's price range of $70.93 and $71.25 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 Pegasystems Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Pegasystems Inc have traded between a low of $43.21 and a high of $76.49 and closed yesterday at $71.06, which is 64% above that low price. The 200-day and 50-day moving averages have moved 0.36% higher and 0.71% higher over the past week, respectively.

Pegasystems Inc. develops customer relationship management software. The software automates customer interactions across transaction-intensive enterprises. The Company provides its products to customers in the banking, mutual funds and securities, mortgage services, card services, insurance, healthcare management, and telecommunications industries.

Pegasystems Inc (NASDAQ:PEGA) is currently priced 3.7% above its average consensus analyst price target of $68.40. The stock should find initial support at its 50-day moving average (MA) of $70.75 and further support at its 200-day MA of $60.42.

SmarTrend is monitoring the recent change of momentum in Pegasystems Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Pegasystems Inc in search of a potential trend change.

Keywords: bearish am inside day candle pegasystems inc

Ticker(s): PEGA