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Possible Bearish Inside Day Candle Pattern Detected for DTE Energy (NYSE:DTE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in DTE Energy (NYSE:DTE) based on the price action in the company's shares. Today's price range of $98.70 and $99.40 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 DTE Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

DTE Energy Company, a diversified energy company, develops and manages energy-related businesses and services nationwide. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southeastern Michigan. DTE is also involved in gas pipelines and storage, unconventional gas exploration, development, and production.

In the past 52 weeks, shares of DTE Energy have traded between a low of $73.23 and a high of $100.45 and are now at $98.78, which is 35% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.5%.

DTE Energy (NYSE:DTE) is currently priced 11.9% above its average consensus analyst price target of $87.00. The stock should discover initial support at its 50-day moving average (MA) of $88.18 and subsequent support at its 200-day MA of $82.61.

SmarTrend recommended that subscribers consider buying shares of DTE Energy on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $92.60. Since that recommendation, shares of DTE Energy have risen 7.3%. We continue to monitor DTE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle DTE Energy

Ticker(s): DTE