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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in FirstEnergy (NYSE:FE) based on the price action in the company's shares. Today's price range of $35.33 and $35.58 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 0.9% exists for FirstEnergy, based on a current level of $35.43 and analysts' average consensus price target of $35.73. The stock should discover initial support at its 50-day moving average (MA) of $34.96 and subsequent support at its 200-day MA of $32.76.

Over the past year, FirstEnergy has traded in a range of $28.89 to $37.05 and is now at $35.43, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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 on June 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.13. Since that recommendation, shares of FirstEnergy have risen 4.4%. 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

Ticker(s): FE