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Possible Bearish Inside Day Candle Pattern Detected for Firstenergy Corp (NYSE:FE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Firstenergy Corp (NYSE:FE) based on the price action in the company's shares. Today's price range of $41.65 and $41.65 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 Firstenergy Corp 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, Firstenergy Corp share prices have been bracketed by a low of $32.92 and a high of $42.00 and are now at $41.65, 27% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

Firstenergy Corp (NYSE:FE) is currently priced 8.5% above its average consensus analyst price target of $38.12. The stock should discover initial support at its 50-day moving average (MA) of $39.81 and subsequent support at its 200-day MA of $37.64.

FirstEnergy Corp. is a public utility holding company. The Company's subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, exploration and production of oil and natural gas, transmission and marketing of natural gas, and energy management and other energy-related services.

SmarTrend recommended that subscribers consider buying shares of Firstenergy Corp on January 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.23. Since that recommendation, shares of Firstenergy Corp have risen 9.3%. We continue to monitor FE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle firstenergy corp

Ticker(s): FE