PBI finds buyers at key support level
Pitney-Bowes (PBI) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PBI finished the week -1.21% lower at 8.15 after losing $0.06 (-0.73%) today. Trading $0.05 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PBI as at Aug 10, 2018):
Friday's trading range was $0.15 (1.84%), that's below last trading month's daily average range of $0.27. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 8.07 during the day, the stock bounced off the key support level at 8.11. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 8.03 where further sell stops could get activated.