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Possible Bearish Inside Day Candle Pattern Detected for Hannon Armstrong (NYSE:HASI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hannon Armstrong (NYSE:HASI) based on the price action in the company's shares. Yesterday's price range of $37.36 and $37.85 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 Hannon Armstrong may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hannon Armstrong (NYSE:HASI) defies analysts with a current price ($37.62) 35.1% above its average consensus price target of $24.40. The stock should discover initial support at its 50-day moving average (MA) of $33.57 and subsequent support at its 200-day MA of $29.36.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. provides debt and equity financing to the energy efficiency and renewable energy markets. The Company focuses on providing preferred or senior level capital to established sponsors and high credit quality obligors for assets that generate long-term, recurring and predictable cash flows.

In the past 52 weeks, shares of Hannon Armstrong have traded between a low of $23.21 and a high of $37.96 and closed yesterday at $37.62, which is 62% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.6%.

SmarTrend is tracking the current trend status for Hannon Armstrong and will alert subscribers who have HASI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle hannon armstrong

Ticker(s): HASI