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Possible Bearish Inside Day Candle Pattern Detected for Edison Intl (NYSE:EIX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Edison Intl (NYSE:EIX) based on the price action in the company's shares. Today's price range of $64.27 and $65.22 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 Edison Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.4% for shares of Edison Intl based on a current price of $64.89 and an average consensus analyst price target of $69.68. Edison Intl shares should first meet resistance at the 200-day moving average (MA) of $65.81 and find additional resistance at the 50-day MA of $71.77.

In the past 52 weeks, shares of Edison Intl have traded between a low of $45.50 and a high of $76.45 and are now at $64.89, which is 43% above that low price. The 200-day and 50-day moving averages have moved 0.31% higher and 1.17% lower over the past week, respectively.

Edison International, through its subsidiaries, develops, acquires, owns, and operates electric power generation facilities worldwide. The Company also provides capital and financial services for energy and infrastructure projects, as well as manages and sells real estate projects. Edison provides integrated energy services, utility outsourcing, and consumer products.

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

Keywords: bearish inside day candle edison intl

Ticker(s): EIX