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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 $3.27 and $3.44 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.

In the past 52 weeks, shares of Pitney Bowes Inc have traded between a low of $1.67 and a high of $7.23 and are now at $3.34, which is 100% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 2.3%.

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 $3.34, or 73.8% below the average consensus analyst price target of $12.75. Pitney Bowes Inc shares should encounter resistance at the 200-day moving average (MA) of $3.81 and support at the 50-day MA of $2.61.

SmarTrend is tracking the current trend status for Pitney Bowes Inc and will alert subscribers who have PBI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle pitney bowes inc

Ticker(s): PBI