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Possible Bullish Inside Day Candle Pattern Detected for Portfolio Recovery Associates (NASDAQ:PRAA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Portfolio Recovery Associates (NASDAQ:PRAA) based on the price action in the company's shares. Yesterday's price range of $23.02 and $23.85 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 Portfolio Recovery Associates 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 131.9% exists for Portfolio Recovery Associates, based on a current level of $23.36 and analysts' average consensus price target of $54.17. The stock should find initial resistance at its 50-day moving average (MA) of $29.79 and further resistance at its 200-day MA of $41.16.

Portfolio Recovery Associates, Inc. provides outsourced receivables management. The Company purchases, collects and manages portfolios of defaulted consumer receivables.

Over the past year, Portfolio Recovery Associates has traded in a range of $20.00 to $64.82 and closed yesterday at $23.36, 17% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Portfolio Recovery Associates on May 10th, 2016 by issuing a Downtrend alert when the shares were trading at $24.90. Since that call, shares of Portfolio Recovery Associates have fallen 8.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle portfolio recovery associates

Ticker(s): PRAA