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Possible Bearish Inside Day Candle Pattern Detected for Hollyfrontier Co (NYSE:HFC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hollyfrontier Co (NYSE:HFC) based on the price action in the company's shares. Today's price range of $43.27 and $43.53 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 Hollyfrontier Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 40.8% for shares of Hollyfrontier Co based on a current price of $43.50 and an average consensus analyst price target of $61.25. Hollyfrontier Co shares should first meet resistance at the 50-day moving average (MA) of $44.06 and find additional resistance at the 200-day MA of $54.95.

In the past 52 weeks, shares of Hollyfrontier Co have traded between a low of $37.73 and a high of $76.58 and are now at $43.50, which is 15% above that low price. The 200-day and 50-day moving averages have moved 1.17% lower and 1.33% lower over the past week, respectively.

HollyFrontier Corporation, through its affiliates, refines, transports, stores, and markets petroleum products. The Company's refineries produce light products such as gasoline, diesel fuel, and jet fuel which are marketed in the southwestern United States, northern Mexico, and Montana.

SmarTrend is monitoring the recent change of momentum in Hollyfrontier Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hollyfrontier Co in search of a potential trend change.

Keywords: bearish inside day candle hollyfrontier co

Ticker(s): HFC