Possible Bearish Inside Day Candle Pattern Detected for National Fuel Gas (NYSE:NFG)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in National Fuel Gas (NYSE:NFG) based on the price action in the company's shares. Yesterday's price range of $57.65 and $58.22 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 National Fuel Gas may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
There is potential upside of 7.4% for shares of National Fuel Gas based on a current price of $58.18 and an average consensus analyst price target of $62.50. The stock should discover initial support at its 50-day moving average (MA) of $50.60 and subsequent support at its 200-day MA of $49.08.
National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations. The Company operates across the United States.
In the past 52 weeks, National Fuel Gas share prices have been bracketed by a low of $37.03 and a high of $66.07 and closed yesterday at $58.18, 57% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 1.43% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of National Fuel Gas on April 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.59. Since that recommendation, shares of National Fuel Gas have risen 12.8%. We continue to monitor NFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle national fuel gas