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Possible Bearish Inside Day Candle Pattern Detected for Calpine Corp (NYSE:CPN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Calpine Corp (NYSE:CPN) based on the price action in the company's shares. Yesterday's price range of $14.62 and $14.69 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 Calpine Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Calpine Corp share prices have been bracketed by a low of $9.30 and a high of $15.12 and closed yesterday at $14.67, 58% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 1.54% higher over the past week, respectively.

Calpine Corp (NYSE:CPN) has potential upside of 5.1% based on a current price of $14.67 and analysts' consensus price target of $15.42. The stock should hit resistance at its 200-day moving average (MA) of $14.88, as well as support at its 50-day MA of $14.56.

Calpine Corporation acquires, develops, owns, and operates power generation facilities, as well as sells electricity in the United States. The Company also provides thermal energy for industrial customers.

SmarTrend recommended that subscribers consider buying shares of Calpine Corp on May 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.93. Since that recommendation, shares of Calpine Corp have risen 34.2%. We continue to monitor CPN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle calpine corp

Ticker(s): CPN