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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Great Plains Energy (NYSE:GXP) based on the price action in the company's shares. Today's price range of $29.38 and $29.62 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 Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Great Plains Energy (NYSE:GXP) is currently priced 1.4% above its average consensus analyst price target of $29.00. Great Plains Energy shares should encounter resistance at the 50-day moving average (MA) of $31.14 and support at its 200-day MA of $27.89.

In the past 52 weeks, Great Plains Energy share prices have been bracketed by a low of $24.06 and a high of $32.74 and are now at $29.42, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Great Plains Energy on February 13th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.04. Since that recommendation, shares of Great Plains Energy have risen 5.7%. 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 energy

Ticker(s): GXP