• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Encore Capital G (NASDAQ:ECPG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Encore Capital G (NASDAQ:ECPG) based on the price action in the company's shares. Yesterday's price range of $29.14 and $30.63 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. Owners of Encore Capital G may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Encore Capital G share prices have moved between a 52-week high of $43.65 and a 52-week low of $15.27 and closed yesterday at 87% above that low price at $28.63 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.3%.

Encore Capital G has overhead space with shares priced $28.63, or 45.2% below the average consensus analyst price target of $52.20. Encore Capital G shares should encounter resistance at the 200-day moving average (MA) of $33.19 and support at the 50-day MA of $27.07.

Encore Capital Group, Inc. is involved in consumer debt buying and recovery. The Company purchases portfolios of defaulted consumer receivables from banks, credit unions, and utility providers and partners with individuals as they repay their obligations and work toward financial recovery.

SmarTrend recommended that subscribers consider buying shares of Encore Capital G on April 8th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.56. Since that recommendation, shares of Encore Capital G have risen 26.5%. We continue to monitor ECPG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle encore capital g

Ticker(s): ECPG