Prefered Bank (PFBC) Sinks Below 200 Day & 20 Day Moving Average

Prefered Bank (NASDAQ: PFBC) slipped by 20% by mid-day trading to $1.71, the heaviest intra-day fall since end of October. The bank was cut to “underperform” from “market perform” by FBR Capital Markets Corp., which said it may need to raise money to bolster capital.

Prefered Bank (PFBC) has already breached below the 200 day and 20 day moving average in Thursday’s trading till mid-day with high volumes, thus confirming signals of a bearish trend ahead.