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Possible Bearish Inside Day Candle Pattern Detected for Enbridge Energy Partners (NYSE:EEP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Enbridge Energy Partners (NYSE:EEP) based on the price action in the company's shares. Today's price range of $24.10 and $24.54 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 Enbridge Energy Partners may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 42.8% exists for Enbridge Energy Partners, based on a current level of $24.51 and analysts' average consensus price target of $35.00. Enbridge Energy Partners shares have support at the 200-day moving average (MA) of $22.76 and additional support at the 50-day MA of $18.70.

Enbridge Energy Partners, L.P. is a master limited partnership that transports and stores hydrocarbon energy. The Company transports crude oil and natural gas liquids to refineries in the midwestern United States and eastern Canada.

Enbridge Energy Partners share prices have moved between a 52-week high of $38.53 and a 52-week low of $14.27 and are now trading 72% above that low price at $24.51 per share. The 200-day and 50-day moving averages have moved 0.91% lower and 2.19% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Enbridge Energy Partners on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.72. Since that recommendation, shares of Enbridge Energy Partners have risen 40.5%. We continue to monitor EEP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle enbridge energy partners

Ticker(s): EEP