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Possible Bearish Inside Day Candle Pattern Detected for Centerpoint Ener (NYSE:CNP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Centerpoint Ener (NYSE:CNP) based on the price action in the company's shares. Today's price range of $30.61 and $30.61 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 Centerpoint Ener may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Centerpoint Ener share prices have moved between a 52-week high of $31.42 and a 52-week low of $24.81 and are now trading 23% above that low price at $30.61 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.

Centerpoint Ener (NYSE:CNP) defies analysts with a current price ($30.61) 7.4% above its average consensus price target of $28.35. The stock should find initial support at its 50-day moving average (MA) of $30.58 and further support at its 200-day MA of $28.86.

CenterPoint Energy, Inc. is a public utility holding company. The Company, through its subsidiaries, conducts activities in electricity transmission and distribution, natural gas distribution, interstate pipeline and gathering operations, and power generation.

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

Keywords: bearish inside day candle centerpoint ener

Ticker(s): CNP