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Possible Bullish Inside Day Candle Pattern Detected for Genworth Financial (NYSE:GNW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genworth Financial (NYSE:GNW) based on the price action in the company's shares. Today's price range of $3.10 and $3.20 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. Traders and investors interested in shares of Genworth Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Genworth Financial Inc. offers insurance, wealth management, investment and financial solutions The Company offers products that include life insurance products, long-term care insurance, and mortgage guarantee insurance coverage on residential mortgage loans. Genworth is active in the United States, Canada, Australia, New Zealand, Mexico and multiple European countries.

In the past 52 weeks, Genworth Financial share prices have been bracketed by a low of $1.57 and a high of $9.19 and are now at $3.19, 103% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 6.1% while the 200-day MA has slid 1.8%.

Genworth Financial (NYSE:GNW) has potential upside of 102.8% based on a current price of $3.19 and analysts' consensus price target of $6.47. The stock should find resistance at its 200-day moving average (MA) of $3.98, as well as support at its 50-day MA of $2.84.

SmarTrend recommended that subscribers consider buying shares of Genworth Financial on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.23. Since that recommendation, shares of Genworth Financial have risen 38.4%. We continue to monitor GNW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle genworth financial

Ticker(s): GNW