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Possible Bearish Inside Day Candle Pattern Detected for MarkWest Energy Partners (NYSE:MWE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MarkWest Energy Partners (NYSE:MWE) based on the price action in the company's shares. Today's price range of $60.91 and $62.01 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 MarkWest Energy Partners may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

MarkWest Energy Partners, LP, gathers and processes natural gas and transports, fractionates, and stores natural gas liquids (NGLs). The Company processes gas from the Appalachian basin and from Michigan.

In the past 52 weeks, shares of MarkWest Energy Partners have traded between a low of $54.04 and a high of $80.79 and are now at $61.38, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

Potential upside of 18.8% exists for MarkWest Energy Partners, based on a current level of $61.38 and analysts' average consensus price target of $72.93. The stock should hit resistance at its 200-day moving average (MA) of $68.79, as well as support at its 50-day MA of $60.88.

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

Keywords: bearish inside day candle markwest energy partners

Ticker(s): MWE