• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Pennymac Finan-A (NYSE:PFSI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pennymac Finan-A (NYSE:PFSI) based on the price action in the company's shares. Yesterday's price range of $29.74 and $31.04 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 Pennymac Finan-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Pennymac Finan-A have traded between a low of $13.14 and a high of $39.57 and closed yesterday at $30.17, which is 130% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has risen 0.5%.

PennyMac Financial Services, Inc. offers financial services in mortgage banking and investment management. The Company, through its subsidiary, operates a mortgage platform and integrated business focused on the production and servicing of U.S. residential mortgage loans and the management of investments related to the U.S. residential mortgage market.

Pennymac Finan-A (NYSE:PFSI) is currently priced 16.6% above its average consensus analyst price target of $25.17. The stock should hit resistance at its 200-day moving average (MA) of $30.18, as well as support at its 50-day MA of $27.61.

SmarTrend is tracking the current trend status for Pennymac Finan-A and will alert subscribers who have PFSI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pennymac finan-a

Ticker(s): PFSI