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

By Amy Schwartz

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 $67.69 and $68.18 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.

In the past 52 weeks, shares of Edison Intl have traded between a low of $57.63 and a high of $83.38 and are now at $68.03, which is 18% above that low price. The 200-day and 50-day moving averages have moved 0.42% lower and 0.39% higher 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.

Edison Intl (NYSE:EIX) has potential upside of 2.4% based on a current price of $68.03 and analysts' consensus price target of $69.68. Edison Intl shares have support at the 50-day moving average (MA) of $67.16 and additional support at the 200-day MA of $63.92.

SmarTrend recommended that subscribers consider buying shares of Edison Intl on June 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.32. Since that recommendation, shares of Edison Intl have risen 8.0%. We continue to monitor EIX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle edison intl

Ticker(s): EIX