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

By Amy Schwartz

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 $35.16 and $35.16 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, 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.

Potential upside of 2.0% exists for Nrg Energy, based on a current level of $35.16 and analysts' average consensus price target of $35.88. Nrg Energy shares should first meet resistance at the 200-day moving average (MA) of $38.89 and find additional resistance at the 50-day MA of $38.98.

Over the past year, Nrg Energy has traded in a range of $29.90 to $43.66 and is now at $35.16, 18% above that low. The 200-day and 50-day moving averages have moved 0.08% higher and 1.65% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Nrg Energy on May 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $40.26. Since that call, shares of Nrg Energy have fallen 12.4%. 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