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Possible Bearish Inside Day Candle Pattern Detected for Pegasystems Inc (NASDAQ:PEGA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pegasystems Inc (NASDAQ:PEGA) based on the price action in the company's shares. Yesterday's price range of $73.34 and $74.39 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 Pegasystems Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pegasystems Inc. develops, markets, licenses, and supports enterprise software applications in the United States, India, and internationally. It provides Pega Platform, an application development product for clients; and Pega Infinity, a software platform that unifies customer engagement and digital process automation.

Based on a current price of $73.07, Pegasystems Inc is currently 6.4% above its average consensus analyst price target of $68.40. The stock should find initial support at its 50-day moving average (MA) of $70.84 and further support at its 200-day MA of $67.11.

Pegasystems Inc share prices have moved between a 52-week high of $79.67 and a 52-week low of $43.21 and closed yesterday at 69% above that low price at $73.07 per share. The 200-day and 50-day moving averages have moved 0.62% higher and 0.36% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Pegasystems Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Pegasystems Inc in search of a potential trend change.

Keywords: bearish am inside day candle pegasystems inc

Ticker(s): PEGA