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Possible Bearish Inside Day Candle Pattern Detected for Natl Fuel Gas Co (NYSE:NFG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Natl Fuel Gas Co (NYSE:NFG) based on the price action in the company's shares. Yesterday's price range of $57.69 and $58.27 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 Natl Fuel Gas Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Natl Fuel Gas Co (NYSE:NFG) is currently priced 3.9% above its average consensus analyst price target of $56.00. The stock should find initial support at its 50-day moving average (MA) of $54.45 and further support at its 200-day MA of $54.24.

In the past 52 weeks, shares of Natl Fuel Gas Co have traded between a low of $48.31 and a high of $59.15 and closed yesterday at $58.27, which is 21% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 0.56% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Natl Fuel Gas Co on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.43. Since that recommendation, shares of Natl Fuel Gas Co have risen 9.8%. 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 natl fuel gas co

Ticker(s): NFG