Verifone Systems, Inc. (NYSE: PAY) is down this morning at the open, but it has recently screened out as a break-out candidate if its price holds firm and ticks up in the next few days. We do have one bit of caution and that is that earnings will be reported in one week. The analysis from CandlestickForum is as follows:
- A Fry pan bottom pattern is created by a slow buildup of investor confidence. The expected result is a strong price trend on a breakout to the upside. If that breakout level corresponds with the previous high, the new uptrend is likely to move rapidly with no resistance. This is a powerful candlestick pattern.
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Verifone has fully recovered from its woes of the past years, although it is well off its highs. After a 1.3% drop so far on Monday, the stock has a 52-week trading range of $30.25 to $58.88. Its current market capitalization rate is just under $5 billion and this one trades at almost 18-times expected Fiscal-2012 earnings estimates from Thomson Reuters.
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