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Possible Bearish Inside Day Candle Pattern Detected for Buckeye Partners (NYSE:BPL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Buckeye Partners (NYSE:BPL) based on the price action in the company's shares. Today's price range of $79.49 and $80.29 is within yesterday'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 Buckeye Partners may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Buckeye Partners (NYSE:BPL) has potential upside of 1.2% based on a current price of $79.50 and analysts' consensus price target of $80.44. The stock should find resistance at its 50-day moving average (MA) of $80.14, as well as support at its 200-day MA of $75.29.

Buckeye Partners, L.P. is an independent pipeline common carrier of refined petroleum products. The Company receives petroleum products from refineries, connecting pipelines, and marine terminals and transports those products to other locations.

In the past 52 weeks, shares of Buckeye Partners have traded between a low of $62.00 and a high of $84.91 and are now at $79.50, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

SmarTrend is monitoring the recent change of momentum in Buckeye Partners. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Buckeye Partners in search of a potential trend change.

Keywords: bearish inside day candle buckeye partners

Ticker(s): BPL