PBI ends the day on a bearish note closing near the low of the day
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
Market Conditions for Pitney-Bowes
|Close to S1 Support||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
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