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Possible Bullish Inside Day Candle Pattern Detected for Pennymac Finan-A (NYSE:PFSI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pennymac Finan-A (NYSE:PFSI) based on the price action in the company's shares. Yesterday's price range of $29.86 and $30.59 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 Pennymac Finan-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pennymac Finan-A (NYSE:PFSI) is currently priced 17.7% above its average consensus analyst price target of $25.17. Pennymac Finan-A shares should encounter resistance at the 50-day moving average (MA) of $30.58 and support at its 200-day MA of $24.70.

In the past 52 weeks, shares of Pennymac Finan-A have traded between a low of $19.28 and a high of $32.86 and closed yesterday at $30.57, which is 59% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.6%.

PennyMac Financial Services, Inc. offers financial services in mortgage banking and investment management. The Company, through its subsidiary, operates a mortgage platform and integrated business focused on the production and servicing of U.S. residential mortgage loans and the management of investments related to the U.S. residential mortgage market.

SmarTrend is tracking the current trend status for Pennymac Finan-A and will alert subscribers who have PFSI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle pennymac finan-a

Ticker(s): PFSI