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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 $63.88 and $63.88 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 9.1% for shares of Edison Intl based on a current price of $63.88 and an average consensus analyst price target of $69.68. The stock should find initial support at its 200-day moving average (MA) of $62.92 and further support at its 50-day MA of $61.04.

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.

Over the past year, Edison Intl has traded in a range of $45.50 to $71.00 and is now at $63.88, 40% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has remained constant.

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