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Possible Bearish Inside Day Candle Pattern Detected for Eversource Energ (NYSE:ES)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eversource Energ (NYSE:ES) based on the price action in the company's shares. Yesterday's price range of $71.00 and $71.63 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 Eversource Energ may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Eversource Energ share prices have been bracketed by a low of $52.76 and a high of $71.83 and closed yesterday at $71.26, 35% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.

Eversource Energy is a public utility holding company. The Company, through its subsidiaries, provides electric service to customers in Connecticut, New Hampshire, and western Massachusetts. Eversource Energy also distributes natural gas throughout Connecticut.

Eversource Energ (NYSE:ES) defies analysts with a current price ($71.26) 12.8% above its average consensus price target of $62.13. The stock should find initial support at its 50-day moving average (MA) of $68.69 and further support at its 200-day MA of $63.71.

SmarTrend recommended that subscribers consider buying shares of Eversource Energ on January 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.88. Since that recommendation, shares of Eversource Energ have risen 5.7%. We continue to monitor ES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle eversource energ

Ticker(s): ES