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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. Today's price range of $8.20 and $8.27 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 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.

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.

There is potential upside of 55.2% for shares of Pitney Bowes Inc based on a current price of $8.21 and an average consensus analyst price target of $12.75. Pitney Bowes Inc shares should encounter resistance at the 200-day moving average (MA) of $9.27 and support at the 50-day MA of $7.26.

Over the past year, Pitney Bowes Inc has traded in a range of $6.43 to $14.80 and is now at $8.21, 28% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 0.7%.

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

Keywords: bearish inside day candle pitney bowes inc

Ticker(s): PBI