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Possible Bullish Inside Day Candle Pattern Detected for Oriental Financial Group (NYSE:OFG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Oriental Financial Group (NYSE:OFG) based on the price action in the company's shares. Yesterday's price range of $10.55 and $10.88 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 Oriental Financial Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 3.3% exists for Oriental Financial Group, based on a current level of $10.77 and analysts' average consensus price target of $11.12. Oriental Financial Group shares have support at the 200-day moving average (MA) of $7.64 and additional support at the 50-day MA of $7.18.

Oriental Financial Group share prices have moved between a 52-week high of $14.41 and a 52-week low of $4.56 and closed yesterday at 136% above that low price at $10.77 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 3.4%.

Oriental Financial Group Inc. is the holding company for Oriental Bank & Trust. The Bank provides trust, money management, financial planning, and investment brokerage services, as well as consumer banking and mortgage banking. Oriental Bank operates through a network of branch offices in Puerto Rico.

SmarTrend recommended that subscribers consider buying shares of Oriental Financial Group on July 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.55. Since that recommendation, shares of Oriental Financial Group have risen 10.3%. We continue to monitor OFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle oriental financial group

Ticker(s): OFG