Ocwen Financial Corp (NYSE:OCN) Bargain Buying At Support Levels

Boston, MA, 04/23/2014  (usastockreport) –   Ocwen Financial Corp (NYSE:OCN) closed in the green on Tuesday after being on the downside for the last couple of trading session, the stock managed to gain 1.39%. The stock took support at $38.04 and saw a slight upside from this level.

The upside in the stock came as a result of overall positive performance by the markets, the stock managed to breach its 50 day moving average of $38.76 in its intraday session and consolidated just shy at $38.59.

Ocwen Financial Corp (NYSE:OCN) has remained weak in the last week after hitting a high of $40.43 on April 15, 2014. The stock has been trading in a very volatile manner with a close range of $42 on the upside and $37 on the lower side.

The momentum indicators on the daily charts remained flat in the negative zone with less than average volumes, this indicates the stock is still weak, the stock may continue to show weakness and we believe the stock may face strong resistances on the upside.

The relative strength index has turned upwards and is in the no trade zone, this implies the stock may have gained an upward momentum and see an upside in the future trading session with a strong resistance around its previous high of $41.94 which the stock hit on March 19, 2014.

Looking at the levels, the stock has a good trend line support around $36 and on the upside the upside the stock has a strong resistance around trend line level of $40.94 and a close above this level could drive the stock previous high of $41.94.

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(FIGURE): Daily Chart for Ocwen Financial Corp (NYSE:OCN)

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Ocwen Financial Corp. will be holding a conference call on May 1, 2014 to review the company’s operating results, the company will be releasing its 1st Quarter, 2014 earning after the conference call. The results will also be published on the company’s website.

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