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Possible Bearish Inside Day Candle Pattern Detected for Pitney Bowes Inc (NYSE:PBI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pitney Bowes Inc (NYSE:PBI) based on the price action in the company's shares. Yesterday's price range of $3.75 and $3.89 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 Pitney Bowes 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, Pitney Bowes Inc share prices have been bracketed by a low of $3.14 and a high of $8.32 and closed yesterday at $3.83, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2%.

Pitney Bowes Inc. sells, finances, rents, and services integrated mail and document management systems. The Company offers a full suite of equipment, supplies software and services for end-to-end mailstream solutions.

Pitney Bowes Inc (NYSE:PBI) has potential upside of 232.9% based on a current price of $3.83 and analysts' consensus price target of $12.75. The stock should run into initial resistance at its 50-day moving average (MA) of $4.01 and subsequent resistance at its 200-day MA of $4.27.

SmarTrend is tracking the current trend status for Pitney Bowes Inc and will alert subscribers who have PBI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pitney bowes inc

Ticker(s): PBI