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

By James Quinn

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. Yesterday's price range of $3.10 and $3.23 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. 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.

Genworth Financial (NYSE:GNW) has potential upside of 105.4% based on a current price of $3.15 and analysts' consensus price target of $6.47. Genworth Financial shares should encounter resistance at the 200-day moving average (MA) of $3.98 and support at the 50-day MA of $2.84.

Over the past year, Genworth Financial has traded in a range of $1.57 to $9.19 and closed yesterday at $3.15, 101% above that low. 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%.

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 am inside day candle genworth financial

Ticker(s): GNW