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Possible Bearish Inside Day Candle Pattern Detected for Pattern Ener (NASDAQ:PEGI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pattern Ener (NASDAQ:PEGI) based on the price action in the company's shares. Yesterday's price range of $22.70 and $22.84 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 Pattern Ener may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pattern Ener (NASDAQ:PEGI) is currently priced 6.1% above its average consensus analyst price target of $21.38. Pattern Ener shares have support at the 50-day moving average (MA) of $21.66 and additional support at the 200-day MA of $20.09.

Pattern Ener share prices have moved between a 52-week high of $22.99 and a 52-week low of $16.81 and closed yesterday at 35% above that low price at $22.76 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

Pattern Energy Group, Inc. is an independent power company focused on owning and operating power projects with stable long-term cash flows in attractive markets with potential for continued growth of our business. The Company owns interests in wind power projects located in the United States, Canada, and Chile.

SmarTrend recommended that subscribers consider buying shares of Pattern Ener on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.58. Since that recommendation, shares of Pattern Ener have risen 16.9%. We continue to monitor PEGI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pattern ener

Ticker(s): PEGI