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

By David Diaz

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. Yesterday's price range of $17.10 and $17.59 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 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 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.

Potential upside of 127.0% exists for VeriFone, based on a current level of $17.33 and analysts' average consensus price target of $39.33. VeriFone shares should first meet resistance at the 50-day moving average (MA) of $27.64 and find additional resistance at the 200-day MA of $27.98.

In the past 52 weeks, VeriFone share prices have been bracketed by a low of $16.99 and a high of $39.25 and closed yesterday at $17.33, 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of VeriFone on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $27.65. Since that call, shares of VeriFone have fallen 38.3%. 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 VeriFone

Ticker(s): PAY