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

By Amy Schwartz

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 $118.80 and $119.22 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 (NYSE:ATO) is currently priced 23.9% above its average consensus analyst price target of $89.71. The stock should find initial support at its 50-day moving average (MA) of $112.43 and further support at its 200-day MA of $108.97.

Atmos Energy Corporation distributes natural gas to utility customers. 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.

Over the past year, Atmos Energy has traded in a range of $95.09 to $119.68 and closed yesterday at $117.87, 24% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

SmarTrend is tracking the current trend status for Atmos Energy and will alert subscribers who have ATO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Atmos Energy

Ticker(s): ATO