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Possible Bearish Inside Day Candle Pattern Detected for Pg&E Corp (NYSE:PCG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pg&E Corp (NYSE:PCG) based on the price action in the company's shares. Yesterday's price range of $44.71 and $45.21 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 Pg&E Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

PG&E Corporation is a holding company that holds interests in energy based businesses. The Company's holdings include a public utility operating in northern and central California that provides electricity and natural gas distribution, electricity generation, procurement, and transmission, and natural gas procurement, transportation, and storage.

Pg&E Corp share prices have moved between a 52-week high of $71.57 and a 52-week low of $41.61 and closed yesterday at 8% above that low price at $44.84 per share. The 200-day and 50-day moving averages have moved 0.28% higher and 0.31% higher over the past week, respectively.

Pg&E Corp has overhead space with shares priced $44.84, or 29.3% below the average consensus analyst price target of $63.38. The stock should run into initial resistance at its 200-day moving average (MA) of $54.11 and subsequent resistance at its 50-day MA of $58.17.

SmarTrend recommended that its subscribers protect gains by selling shares of Pg&E Corp on September 27th, 2017 by issuing a Downtrend alert when the shares were trading at $68.21. Since that call, shares of Pg&E Corp have fallen 33.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle pg&e corp

Ticker(s): PCG