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Possible Bearish Inside Day Candle Pattern Detected for MYR Group/Delaware (NASDAQ:MYRG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MYR Group/Delaware (NASDAQ:MYRG) based on the price action in the company's shares. Yesterday's price range of $27.84 and $28.17 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 MYR Group/Delaware may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

MYR Group/Delaware (NASDAQ:MYRG) defies analysts with a current price ($28.06) 8.8% above its average consensus price target of $25.60. The stock should find initial support at its 50-day moving average (MA) of $24.74 and further support at its 200-day MA of $23.68.

MYR Group Inc. is a specialty contractor serving the electrical infrastructure market in the United States. The Company serves the transmission and distribution sector of the United States electric utility industry. MYR Group also provides commercial and industrial electrical contracting services in the western United States.

MYR Group/Delaware share prices have moved between a 52-week high of $32.24 and a 52-week low of $17.77 and closed yesterday at 58% above that low price at $28.06 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of MYR Group/Delaware on July 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.63. Since that recommendation, shares of MYR Group/Delaware have risen 9.9%. We continue to monitor MYRG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle myr group/delaware

Ticker(s): MYRG