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VeriFone Looks to Continue to Trade Below its Annual-Low Share Price Today

By Shiri Gupta

Shares of VeriFone (NYSE:PAY) traded today at $18.70, breaking its 52-week low. Approximately 777,000 shares have changed hands today, as compared to an average 30-day volume of 1 million shares.

There is potential upside of 110.3% for shares of VeriFone based on a current price of $18.70 and an average consensus analyst 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, VeriFonehas traded in a range of $18.70 to $39.25 and are now at $18.70. 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%.

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.

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 30.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows VeriFone

Ticker(s): PAY