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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 $22.54 and $22.86 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.

MDU Resources Group (NYSE:MDU) defies analysts with a current price ($22.74) 9.5% above its average consensus price target of $20.58. MDU Resources Group shares have support at the 50-day moving average (MA) of $19.20 and additional support at the 200-day MA of $18.08.

In the past 52 weeks, shares of MDU Resources Group have traded between a low of $15.58 and a high of $22.96 and closed yesterday at $22.74, which is 46% 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 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.

SmarTrend recommended that subscribers consider buying shares of MDU Resources Group on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.70. Since that recommendation, shares of MDU Resources Group have risen 29.2%. We continue to monitor MDU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mdu resources group

Ticker(s): MDU