• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Pennymac Mortgag (NYSE:PMT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pennymac Mortgag (NYSE:PMT) based on the price action in the company's shares. Yesterday's price range of $21.51 and $21.67 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 Mortgag may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Pennymac Mortgag share prices have been bracketed by a low of $17.88 and a high of $21.99 and closed yesterday at $21.60, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

PennyMac Mortgage Investment Trust operates as a specialty finance company. The Trust provides risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. PennyMac Mortgage Investment serves customers in the State of California.

Based on a current price of $21.60, Pennymac Mortgag is currently 17.4% above its average consensus analyst price target of $17.85. The stock should find initial support at its 50-day moving average (MA) of $21.19 and further support at its 200-day MA of $20.38.

SmarTrend recommended that subscribers consider buying shares of Pennymac Mortgag on January 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.86. Since that recommendation, shares of Pennymac Mortgag have risen 8.3%. We continue to monitor PMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle pennymac mortgag

Ticker(s): PMT