Ocwen Financial Corp (OCN) released earnings. Let's first read what Yahoo reported:Shares of Ocwen Financial Corporation OCN increased 3.7% in the after-market trading, following the release of its fourth-quarter and full-year 2016 results. The probable reason for the price rise was lower-than-expected loss of 8 cents per share for the quarter. The Zacks Consensus Estimate was a loss of 18 cents.Moreover, the reported loss was lower than the prior-year quarter’s loss of $1.79 per share. Notably, the quarter included several significant items.A fall in operating expenses, indicating continued efforts toward control costs, along with lower interest expenses acted as tailwinds. However, decline in servicing and sub-servicing fees continued to put pressure on revenues, which remains a near-term concern.The company reported net loss of $10.4 million, narrower than a loss of $224.2 million recorded in the prior-year quarter. Also, for 2016, net loss was $199.8 million or $1.61 per share, narrower than $247 million or $1.97 per share reported in the previous year. Further, the reported figure was lower than the Zacks Consensus Estimate, which was a loss of $1.70 per share.Revenues and Expenses DownTotal revenues for the quarter came in at $323.9 million, down 10.6% year over year. Lower servicing and sub-servicing fees was partially offset by a rise in net gain on loans held for sale and other revenues. Also, the figure lagged the Zacks Consensus Estimate of $341.7 million.For 2016, total revenues were $1.39 billion, down 20.3% year over year. However, the reported figure marginally outperformed the Zacks Consensus Estimate of $1.38 billion.Total expenses decreased 33.9% year over year to $237.9 million. This was primarily due to a fall in all expense components except amortization of mortgage servicing rights (MSR).Also, net other expenses decreased 27.1% year over year to $96.2 million, mainly due to lower interest expense and net gain on sale of MSRs.As of Dec 31, 2016, Ocwen recorded a cash balance of $256.5 million, down from $257.3 million as of Dec 31, 2015. However, total assets were $7.7 billion, up from $7.4 billion as of Dec 31, 2015. (Full Article on Yahoo.com)Now let's take a look at the daily chart.OCN Daily Chart(click to enlarge)Rising Trendline:- As we can see on the daily chart, price was falling ahead of the earnings.- Earnings did show a loss, but it was not as bad as forecast.- While, this "not that bad" assessment could be helping OCN find support after a sharp dip during the 2/23 session, it might not be enough to revive the bullish trend.- Note that price action appears to be forming a top. The RSI has also fallen below 40, which reflects loss of the prevailing bullish momentum.- If price does rally during the 2/24 session, we should see how it reacts if it gets in the 5.00-5.50 area.- I think in a bearish scenario, price should find resistance in this area. In this scenario, there would be downside risk towards 4.00.- A push above 5.50 would be an indication that bulls are still in control of the market. In this scenario, we should look for an attempt to test the 6.00-6.15 highs. - So far, price action tells me to anticipate an eventual break of the currently intact rising support. - If the market is not turning bearish, it is at least entering a consolidation period, which could end up being sideways.