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Possible Bearish Inside Day Candle Pattern Detected for MDU Resources Group (NYSE:MDU)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MDU Resources Group (NYSE:MDU) based on the price action in the company's shares. Yesterday's price range of $27.10 and $27.34 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 MDU Resources Group 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, MDU Resources Group share prices have been bracketed by a low of $15.58 and a high of $29.92 and closed yesterday at $27.31, 75% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

MDU Resources Group, Inc., a natural resource company, distributes natural gas and operates electric power generation, transmission, and distribution facilities. The Company serves communities in North Dakota, eastern Montana, northern and western South Dakota, and northern Wyoming.

Potential upside of 4.4% exists for MDU Resources Group, based on a current level of $27.31 and analysts' average consensus price target of $28.50. The stock should discover initial support at its 50-day moving average (MA) of $19.20 and subsequent support at its 200-day MA of $18.08.

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

Keywords: bearish am inside day candle mdu resources group

Ticker(s): MDU