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

By Shiri Gupta

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. Yesterday's price range of $44.70 and $45.12 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 Firstenergy Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Firstenergy Corp share prices have moved between a 52-week high of $45.28 and a 52-week low of $35.33 and closed yesterday at 27% above that low price at $44.93 per share. The 200-day and 50-day moving averages have moved 0.28% higher and 0.20% higher over the past week, respectively.

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.

Firstenergy Corp (NYSE:FE) is currently priced 15.2% above its average consensus analyst price target of $38.12. Firstenergy Corp shares have support at the 50-day moving average (MA) of $43.69 and additional support at the 200-day MA of $40.81.

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 18.0%. We continue to monitor FE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle firstenergy corp

Ticker(s): FE