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Possible Bearish Inside Day Candle Pattern Detected for Avista (NYSE:AVA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Avista (NYSE:AVA) based on the price action in the company's shares. Yesterday's price range of $43.93 and $44.38 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 Avista may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Avista Corporation is an energy company that delivers products and solutions to business and residential customers throughout North America. The Company, through Avista Utilities, generates, transmits, and distributes electric and natural gas. Avista's other businesses include Avista Advantage and Avista Energy.

Avista (NYSE:AVA) is currently priced 12.5% above its average consensus analyst price target of $38.50. The stock should discover initial support at its 50-day moving average (MA) of $39.75 and subsequent support at its 200-day MA of $35.47.

Over the past year, Avista has traded in a range of $29.77 to $45.22 and closed yesterday at $44.01, 48% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Avista on March 2nd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.97. Since that recommendation, shares of Avista have risen 11.1%. We continue to monitor AVA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Avista

Ticker(s): AVA