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Possible Bearish Inside Day Candle Pattern Detected for Hawaiian Elec (NYSE:HE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hawaiian Elec (NYSE:HE) based on the price action in the company's shares. Today's price range of $40.24 and $40.24 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 Hawaiian Elec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hawaiian Electric Industries, Inc. is a diversified holding company that delivers a variety of services to the people of Hawaii. The Company's subsidiaries offer electric utilities, savings banks, and other businesses, primarily in the state of Hawaii.

In the past 52 weeks, shares of Hawaiian Elec have traded between a low of $32.59 and a high of $40.41 and are now at $40.24, which is 23% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.

Hawaiian Elec (NYSE:HE) is currently priced 15.5% above its average consensus analyst price target of $34.00. Hawaiian Elec shares have support at the 50-day moving average (MA) of $37.42 and additional support at the 200-day MA of $36.15.

SmarTrend recommended that subscribers consider buying shares of Hawaiian Elec on February 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.19. Since that recommendation, shares of Hawaiian Elec have risen 8.3%. We continue to monitor HE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle hawaiian elec

Ticker(s): HE