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Possible Bearish Inside Day Candle Pattern Detected for VeriFone (NYSE:PAY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in VeriFone (NYSE:PAY) based on the price action in the company's shares. Today's price range of $16.07 and $16.18 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 VeriFone may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 143.7% exists for VeriFone, based on a current level of $16.14 and analysts' average consensus price target of $39.33. The stock should run into initial resistance at its 50-day moving average (MA) of $27.64 and subsequent resistance at its 200-day MA of $27.98.

VeriFone share prices have moved between a 52-week high of $39.25 and a 52-week low of $15.46 and are now trading 4% above that low price at $16.14 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 1.22% higher over the past week, respectively.

VeriFone Holdings, Inc. is a global provider of technology that enables electronic payment transactions and value-added services at the point of sale. The Company's customers include financial institutions, payment processors, petroleum companies, large retailers, government organizations and healthcare companies, as well as independent sales organizations.

SmarTrend recommended that its subscribers protect gains by selling shares of VeriFone on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $27.65. Since that call, shares of VeriFone have fallen 41.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle VeriFone

Ticker(s): PAY