Ocwen Financial Corporation (OCN) has likely turned bearish since failing to push above 6.00 in February. We could be seeing price dip to 4.00 and then 3.50. In the previous update, OCN was rallying after holding above 4.00. We noted that this could be a technical bounce to be faded: Monitor the OCN Rally - It Might Simply Be a Technical Bounce.OCN Daily Chart 3/8(click to enlarge)Pullback Faded:- We noted in the previous post that if OCN has really turned bearish, it should find resistance in the 5.00-5.50 area. - Price stalled just under 5.00 last week, and started to slide this week.Support:- The psychological level of 4.00 might provide some support.- There could be buyers at the previous common support pivot of 3.50 as well. - Normally, I would limit the bearish outlook to the 3.50 area, but since the prevailing trend (before the July to December rally) was bearish, I would not mind a more aggressive outlook towards 3.00. - In fact, if the prevailing bearish trend continues, don't be surprised if the trend slides back to the 2016 lows around 1.50. - But, I think we should limit the bearish outlook to 3.00 until further evidence that bears are still in charge.