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Possible Bearish Inside Day Candle Pattern Detected for Pennymac Mortgag (NYSE:PMT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pennymac Mortgag (NYSE:PMT) based on the price action in the company's shares. Today's price range of $20.69 and $20.77 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 Pennymac Mortgag may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pennymac Mortgag (NYSE:PMT) defies analysts with a current price ($20.69) 13.7% above its average consensus price target of $17.85. The stock should discover initial support at its 50-day moving average (MA) of $20.19 and subsequent support at its 200-day MA of $19.79.

PennyMac Mortgage Investment Trust operates as a specialty finance company. The Trust provides risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. PennyMac Mortgage Investment serves customers in the State of California.

In the past 52 weeks, shares of Pennymac Mortgag have traded between a low of $16.97 and a high of $21.41 and are now at $20.69, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.63% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Pennymac Mortgag on January 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.86. Since that recommendation, shares of Pennymac Mortgag have risen 4.7%. We continue to monitor PMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle pennymac mortgag

Ticker(s): PMT