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Possible Bearish Inside Day Candle Pattern Detected for Energen Corp (NYSE:EGN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Energen Corp (NYSE:EGN) based on the price action in the company's shares. Yesterday's price range of $49.52 and $50.24 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 Energen Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Energen Corp (NYSE:EGN) has potential upside of 29.4% based on a current price of $49.56 and analysts' consensus price target of $64.15. The stock should find initial support at its 200-day moving average (MA) of $44.87 and further support at its 50-day MA of $35.83.

Energen Corporation is an oil-focused exploration and production company with operations in the Permian Basin of west Texas.

In the past 52 weeks, shares of Energen Corp have traded between a low of $43.29 and a high of $64.44 and closed yesterday at $49.56, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.6%.

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

Keywords: bearish am inside day candle energen corp

Ticker(s): EGN