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

By James Quinn

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. Yesterday's price range of $74.80 and $75.85 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 Buckeye Partners may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 8.6% exists for Buckeye Partners, based on a current level of $75.15 and analysts' average consensus price target of $81.61. The stock should hit resistance at its 200-day moving average (MA) of $77.58, as well as support at its 50-day MA of $74.93.

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.

Buckeye Partners share prices have moved between a 52-week high of $85.14 and a 52-week low of $63.77 and closed yesterday at 18% above that low price at $75.15 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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

Keywords: bearish am inside day candle buckeye partners

Ticker(s): BPL