• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Great Plains Ene (NYSE:GXP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Great Plains Ene (NYSE:GXP) based on the price action in the company's shares. Today's price range of $32.43 and $32.72 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 Great Plains Ene 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, shares of Great Plains Ene have traded between a low of $28.38 and a high of $34.72 and are now at $32.60, which is 15% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

Great Plains Ene (NYSE:GXP) has potential upside of 4.3% based on a current price of $32.60 and analysts' consensus price target of $34.00. Great Plains Ene shares have support at the 50-day moving average (MA) of $31.57 and additional support at the 200-day MA of $31.56.

Great Plains Energy Incorporated provides electricity in the Midwest United States. The Company develops competitive generation for the wholesale market. Great Plains is also an electric delivery company with regulated generation. In addition, the Company is an investment company focusing on energy-related ventures nationwide that are unregulated with high growth potential.

SmarTrend recommended that subscribers consider buying shares of Great Plains Ene on March 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.21. Since that recommendation, shares of Great Plains Ene have risen 5.0%. We continue to monitor GXP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle great plains ene

Ticker(s): GXP