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Possible Bearish Inside Day Candle Pattern Detected for ITC Holdings (NYSE:ITC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ITC Holdings (NYSE:ITC) based on the price action in the company's shares. Today's price range of $45.46 and $45.97 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 ITC Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, ITC Holdings share prices have been bracketed by a low of $30.33 and a high of $47.46 and are now at $45.85, 51% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.6%.

Based on a current price of $45.85, ITC Holdings is currently 21.2% above its average consensus analyst price target of $36.12. The stock should find initial support at its 50-day moving average (MA) of $42.83 and further support at its 200-day MA of $37.27.

ITC Holdings Corporation is a holding company. Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities. ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

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

Keywords: bearish inside day candle itc holdings

Ticker(s): ITC