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Possible Bearish Inside Day Candle Pattern Detected for Enbridge Energy Management (NYSE:EEQ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Enbridge Energy Management (NYSE:EEQ) based on the price action in the company's shares. Yesterday's price range of $25.48 and $25.97 is within the prior day'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 Enbridge Energy Management may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Enbridge Energy Management has traded in a range of $14.27 to $37.72 and closed yesterday at $25.68, 80% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 2.2%.

Enbridge Energy Management, LLC, manages and controls the business and affairs of Enbridge Energy Partners, LP. Enbridge Energy Partners transports crude oil, liquid petroleum, and natural gas through gathering and pipeline systems.

Enbridge Energy Management (NYSE:EEQ) has potential upside of 29.4% based on a current price of $25.68 and analysts' consensus price target of $33.23. Enbridge Energy Management shares have support at the 200-day moving average (MA) of $22.47 and additional support at the 50-day MA of $18.50.

SmarTrend recommended that subscribers consider buying shares of Enbridge Energy Management on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.54. Since that recommendation, shares of Enbridge Energy Management have risen 49.0%. We continue to monitor EEQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle enbridge energy management

Ticker(s): EEQ