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Possible Bearish Inside Day Candle Pattern Detected for Parsley Energy-A (NYSE:PE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Parsley Energy-A (NYSE:PE) based on the price action in the company's shares. Today's price range of $20.26 and $20.26 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 Parsley Energy-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Parsley Energy, Inc, is an oil and natural gas company. The Company focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves. Parsley Energy serves customers in the State of Texas.

Potential upside of 97.4% exists for Parsley Energy-A, based on a current level of $20.26 and analysts' average consensus price target of $40.00. The stock should find resistance at its 200-day moving average (MA) of $22.53, as well as support at its 50-day MA of $19.18.

In the past 52 weeks, Parsley Energy-A share prices have been bracketed by a low of $14.17 and a high of $33.43 and are now at $20.26, 43% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.6%.

SmarTrend is monitoring the recent change of momentum in Parsley Energy-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Parsley Energy-A in search of a potential trend change.

Keywords: bearish inside day candle parsley energy-a

Ticker(s): PE