PBI ends the day on a bearish note closing near the low of the day
Pitney Bowes Inc. (PBI) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
PBI finished Thursday at 9.19 losing $0.02 (-0.22%). Trading $0.08 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PBI as at May 17, 2018):
Thursday's trading range was $0.14 (1.52%), that's below last trading month's daily average range of $0.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 8.94 and 9.32 which it has been in now for the last trading week.
Prices are trading close to a key support level at 9.04.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could speed up should prices move below the close-by swing low at 8.94 where further sell stops might get activated.