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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in VeriFone (NYSE:PAY) based on the price action in the company's shares. Today's price range of $18.22 and $18.41 is within yesterday'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 VeriFone may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

VeriFone has overhead space with shares priced $18.25, or 7.1% below the average consensus analyst price target of $19.66. The stock should run into initial resistance at its 50-day moving average (MA) of $27.64 and subsequent resistance at its 200-day MA of $27.98.

VeriFone Holdings, Inc. is a global provider of technology that enables electronic payment transactions and value-added services at the point of sale. The Company's customers include financial institutions, payment processors, petroleum companies, large retailers, government organizations and healthcare companies, as well as independent sales organizations.

In the past 52 weeks, shares of VeriFone have traded between a low of $14.94 and a high of $39.25 and are now at $18.25, which is 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

SmarTrend is tracking the current trend status for VeriFone and will alert subscribers who have PAY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle VeriFone

Ticker(s): PAY