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

By James Quinn

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 $103.93 and $105.59 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) is currently priced 18.4% above its average consensus analyst price target of $85.00. The stock should find initial support at its 50-day moving average (MA) of $101.01 and further support at its 200-day MA of $98.50.

IDACORP, Inc., through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States.

Idacorp Inc share prices have moved between a 52-week high of $105.96 and a 52-week low of $88.28 and closed yesterday at 18% above that low price at $104.16 per share. The 200-day and 50-day moving averages have moved 0.12% higher and 0.40% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Idacorp Inc on May 13th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.52. Since that recommendation, shares of Idacorp Inc have risen 3.0%. We continue to monitor IDA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle idacorp inc

Ticker(s): IDA