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Possible Bullish Inside Day Candle Pattern Detected for PHH (NYSE:PHH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PHH (NYSE:PHH) based on the price action in the company's shares. Yesterday's price range of $12.61 and $12.94 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 PHH 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 63.2% exists for PHH, based on a current level of $12.87 and analysts' average consensus price target of $21.00. PHH shares should encounter resistance at the 200-day moving average (MA) of $14.58 and support at the 50-day MA of $11.59.

In the past 52 weeks, PHH share prices have been bracketed by a low of $8.26 and a high of $27.83 and closed yesterday at $12.87, 56% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has advanced 0.5%.

PHH Corporation is an outsource provider of mortgage and vehicle fleet management services. The Company provides private label mortgage services to real estate brokers, financial institutions, credit unions, corporations, and government agencies, and integrated leasing and management solutions to operators of corporate, government, and service-related vehicle fleets.

SmarTrend recommended that subscribers consider buying shares of PHH on March 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.64. Since that recommendation, shares of PHH have risen 6.4%. We continue to monitor PHH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle

Ticker(s): PHH