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Possible Bearish Inside Day Candle Pattern Detected for Entergy Corp (NYSE:ETR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Entergy Corp (NYSE:ETR) based on the price action in the company's shares. Yesterday's price range of $90.36 and $90.81 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 Entergy Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $90.60, Entergy Corp is currently 5.8% above its average consensus analyst price target of $85.35. The stock should find initial support at its 50-day moving average (MA) of $87.19 and further support at its 200-day MA of $83.24.

Entergy Corporation is an integrated energy company that is primarily focused on electric power production and retail electric distribution operations. The Company delivers electricity to utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy also owns and operates nuclear plants in the northern United States.

In the past 52 weeks, Entergy Corp share prices have been bracketed by a low of $71.95 and a high of $90.82 and closed yesterday at $90.60, 26% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.33% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Entergy Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Entergy Corp in search of a potential trend change.

Keywords: bearish am inside day candle Entergy Corp

Ticker(s): ETR