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

By David Diaz

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 $31.04 and $31.47 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.

Pennymac Finan-A share prices have moved between a 52-week high of $32.04 and a 52-week low of $18.77 and closed yesterday at 66% above that low price at $31.14 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.7%.

Based on a current price of $31.14, Pennymac Finan-A is currently 19.2% above its average consensus analyst price target of $25.17. Pennymac Finan-A shares have support at the 50-day moving average (MA) of $28.92 and additional support at the 200-day MA of $23.87.

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.

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