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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pitney Bowes (NYSE:PBI) based on the price action in the company's shares. Today's price range of $18.75 and $18.92 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pitney Bowes has overhead space with shares priced $18.75, or 33.8% below the average consensus analyst price target of $28.33. The stock should run into initial resistance at its 200-day moving average (MA) of $20.14 and subsequent resistance at its 50-day MA of $20.55.

In the past 52 weeks, shares of Pitney Bowes have traded between a low of $16.24 and a high of $23.14 and are now at $18.75, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.2%.

Pitney Bowes Inc. sells and 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.

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

Keywords: bearish inside day candle pitney bowes

Ticker(s): PBI