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Possible Bearish Inside Day Candle Pattern Detected for Proofpoint Inc (NASDAQ:PFPT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Proofpoint Inc (NASDAQ:PFPT) based on the price action in the company's shares. Yesterday's price range of $123.83 and $123.83 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 Proofpoint Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 11.1% for shares of Proofpoint Inc based on a current price of $124.00 and an average consensus analyst price target of $137.72. The stock should find initial support at its 50-day moving average (MA) of $109.44 and further support at its 200-day MA of $107.18.

In the past 52 weeks, Proofpoint Inc share prices have been bracketed by a low of $75.92 and a high of $130.27 and closed yesterday at $124.00, 63% above that low price. The 200-day and 50-day moving averages have moved 0.08% higher and 2.25% higher over the past week, respectively.

Proofpoint, Inc. is a global provider of enterprise software solutions. The Company's products are comprised of an integrated suite of on-demand data protection solutions, including threat protection, regulatory compliance, archiving and governance, and secure communication. Proofpoint offers its services to large and mid-sized organizations worldwide.

SmarTrend recommended that subscribers consider buying shares of Proofpoint Inc on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $92.76. Since that recommendation, shares of Proofpoint Inc have risen 33.8%. We continue to monitor PFPT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle proofpoint inc

Ticker(s): PFPT