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

By Amy Schwartz

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 $15.60 and $15.72 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 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 151.0% exists for VeriFone, based on a current level of $15.67 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.

Over the past year, VeriFone has traded in a range of $15.46 to $39.25 and is now at $15.67, 1% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.4%.

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 43.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle VeriFone

Ticker(s): PAY