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Possible Bearish Inside Day Candle Pattern Detected for Idacorp Inc (NYSE:IDA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Idacorp Inc (NYSE:IDA) based on the price action in the company's shares. Yesterday's price range of $89.81 and $90.67 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 Idacorp Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Idacorp Inc (NYSE:IDA) defies analysts with a current price ($90.06) 5.6% above its average consensus price target of $85.00. The stock should discover initial support at its 50-day moving average (MA) of $89.84 and subsequent support at its 200-day MA of $89.17.

In the past 52 weeks, Idacorp Inc share prices have been bracketed by a low of $79.59 and a high of $100.04 and closed yesterday at $90.06, 13% 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 0.2%.

IDACORP, Inc. operates as a holding company. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southern Idaho, eastern Oregon, northern Nevada, and Wyoming. IDACORP maintains electricity and natural gas marketing operations, as well as manages affordable housing projects and other real estate investments.

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

Keywords: bearish am inside day candle idacorp inc

Ticker(s): IDA