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Possible Bearish Inside Day Candle Pattern Detected for National Grid (NYSE:NGG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in National Grid (NYSE:NGG) based on the price action in the company's shares. Yesterday's price range of $72.21 and $72.53 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 Grid 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, shares of National Grid have traded between a low of $63.75 and a high of $73.10 and closed yesterday at $72.45, which is 14% 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 0.2%.

National Grid (NYSE:NGG) has potential upside of 1.1% based on a current price of $72.45 and analysts' consensus price target of $73.27. The stock should find initial support at its 50-day moving average (MA) of $70.19 and further support at its 200-day MA of $69.05.

National Grid PLC owns, operates and develops electricity and gas networks. The Group's electricity transmission and gas distribution networks are located throughout the United Kingdom and in the north-eastern section of the United States. They also own liquefied natural gas storage facilities in Britain and provide infrastructure services to the mobile telecom industry.

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

Keywords: bearish am inside day candle national grid

Ticker(s): NGG