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Possible Bearish Inside Day Candle Pattern Detected for NRG Energy (NYSE:NRG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in NRG Energy (NYSE:NRG) based on the price action in the company's shares. Today's price range of $11.21 and $11.38 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 NRG Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

NRG Energy (NYSE:NRG) has potential upside of 95.0% based on a current price of $11.24 and analysts' consensus price target of $21.92. NRG Energy shares should first meet resistance at the 50-day moving average (MA) of $13.30 and find additional resistance at the 200-day MA of $14.06.

NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in the United States. The Company's operations include energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities.

NRG Energy share prices have moved between a 52-week high of $26.78 and a 52-week low of $8.80 and are now trading 28% above that low price at $11.24 per share. The 200-day and 50-day moving averages have moved 1.01% lower and 2.57% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of NRG Energy on August 9th, 2016 by issuing a Downtrend alert when the shares were trading at $13.29. Since that call, shares of NRG Energy have fallen 14.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle NRG Energy

Ticker(s): NRG