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Possible Bearish Inside Day Candle Pattern Detected for Nisource Inc (NYSE:NI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nisource Inc (NYSE:NI) based on the price action in the company's shares. Today's price range of $29.58 and $29.58 is within yesterday'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 Nisource Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nisource Inc (NYSE:NI) defies analysts with a current price ($29.58) 8.6% above its average consensus price target of $27.02. The stock should discover initial support at its 50-day moving average (MA) of $28.66 and subsequent support at its 200-day MA of $27.13.

NiSource Inc. is an energy holding company. The Company's subsidiaries provide natural gas, electricity, and other products and services to customers located within a corridor that runs from the Gulf Coast through the Midwest to New England.

In the past 52 weeks, Nisource Inc share prices have been bracketed by a low of $24.19 and a high of $29.75 and are now at $29.58, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Nisource Inc on March 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.61. Since that recommendation, shares of Nisource Inc have risen 7.2%. We continue to monitor NI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nisource inc

Ticker(s): NI