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Possible Bearish Inside Day Candle Pattern Detected for Pdc Energy Inc (NASDAQ:PDCE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pdc Energy Inc (NASDAQ:PDCE) based on the price action in the company's shares. Today's price range of $40.45 and $40.49 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 Pdc Energy Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Pdc Energy Inc have traded between a low of $26.59 and a high of $66.20 and are now at $40.45, which is 52% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has slid 1%.

Potential upside of 71.8% exists for Pdc Energy Inc, based on a current level of $40.45 and analysts' average consensus price target of $69.50. Pdc Energy Inc shares should encounter resistance at the 200-day moving average (MA) of $46.16 and support at the 50-day MA of $35.18.

PDC Energy, Inc. produces and distributes petroleum products. The Company produces, develops, explores and markets crude oil, natural gas and natural gas liquids. PDC Energy conducts its business operations in the United States.

SmarTrend recommended that subscribers consider buying shares of Pdc Energy Inc on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.25. Since that recommendation, shares of Pdc Energy Inc have risen 25.7%. We continue to monitor PDCE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle pdc energy inc

Ticker(s): PDCE