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Possible Bearish Inside Day Candle Pattern Detected for Atmos Energy (NYSE:ATO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Atmos Energy (NYSE:ATO) based on the price action in the company's shares. Yesterday's price range of $79.63 and $80.15 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Atmos Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Atmos Energy Corporation distributes natural gas to utility customers in several states. The Company's non-utility operations span various states and provide natural gas marketing and procurement services to large customers. Atmos Energy also manages company-owned natural gas storage and pipeline assets, including an intrastate natural gas pipeline in Texas.

Atmos Energy (NYSE:ATO) is currently priced 17.1% above its average consensus analyst price target of $66.25. Atmos Energy shares have support at the 50-day moving average (MA) of $72.30 and additional support at the 200-day MA of $63.58.

Atmos Energy share prices have moved between a 52-week high of $81.97 and a 52-week low of $50.83 and closed yesterday at 57% above that low price at $79.95 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Atmos Energy on June 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.70. Since that recommendation, shares of Atmos Energy have risen 6.4%. We continue to monitor ATO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Atmos Energy

Ticker(s): ATO