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

By Nick Russo

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. Yesterday's price range of $36.40 and $36.57 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 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) defies analysts with a current price ($36.50) 1.7% above its average consensus price target of $35.88. The stock should find initial resistance at its 200-day moving average (MA) of $38.82 and further resistance at its 50-day MA of $40.53.

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 $43.66 and a 52-week low of $29.90 and closed yesterday at 22% above that low price at $36.50 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.8%.

SmarTrend is tracking the current trend status for Nrg Energy and will alert subscribers who have NRG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle NRG Energy

Ticker(s): NRG