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Possible Bearish Inside Day Candle Pattern Detected for Pitney Bowes Inc (NYSE:PBI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pitney Bowes Inc (NYSE:PBI) based on the price action in the company's shares. Today's price range of $2.22 and $2.32 is within yesterday'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 Pitney Bowes Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pitney Bowes Inc. sells, finances, rents, and services integrated mail and document management systems. The Company offers a full suite of equipment, supplies software and services for end-to-end mailstream solutions.

Pitney Bowes Inc has overhead space with shares priced $2.27, or 82.2% below the average consensus analyst price target of $12.75. The stock should find initial resistance at its 50-day moving average (MA) of $3.37 and further resistance at its 200-day MA of $4.03.

Pitney Bowes Inc share prices have moved between a 52-week high of $7.28 and a 52-week low of $1.80 and are now trading 26% above that low price at $2.27 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 5.5% while the 200-day MA has slid 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Pitney Bowes Inc on December 17th, 2019 by issuing a Downtrend alert when the shares were trading at $4.18. Since that call, shares of Pitney Bowes Inc have fallen 44.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle pitney bowes inc

Ticker(s): PBI