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Possible Bearish Inside Day Candle Pattern Detected for Oneok Inc (NYSE:OKE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oneok Inc (NYSE:OKE) based on the price action in the company's shares. Yesterday's price range of $68.67 and $69.79 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 Oneok Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oneok Inc (NYSE:OKE) is currently priced 5.8% above its average consensus analyst price target of $65.00. The stock should find initial support at its 200-day moving average (MA) of $65.36 and further support at its 50-day MA of $65.24.

Oneok Inc share prices have moved between a 52-week high of $71.99 and a 52-week low of $50.26 and closed yesterday at 37% above that low price at $69.01 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has remained constant.

ONEOK, Inc., through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States.

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

Keywords: bearish am inside day candle oneok inc

Ticker(s): OKE