Possible Bearish Inside Day Candle Pattern Detected for Piedmont Natural Gas (NYSE:PNY)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Piedmont Natural Gas (NYSE:PNY) based on the price action in the company's shares. Yesterday's price range of $59.88 and $60.08 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 Piedmont Natural Gas 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, Piedmont Natural Gas share prices have been bracketed by a low of $35.09 and a high of $60.35 and closed yesterday at $60.05, 71% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.9%.
Based on a current price of $60.05, Piedmont Natural Gas is currently 0.1% above its average consensus analyst price target of $60.00. Piedmont Natural Gas shares have support at the 50-day moving average (MA) of $59.73 and additional support at the 200-day MA of $52.05.
Piedmont Natural Gas Company, Inc. is an energy and services company that primarily transports, distributes, and sells natural gas. The Company serves residential, commercial, and industrial customers in North Carolina, South Carolina, and Tennessee. Piedmont also, through subsidiaries, markets natural gas to customers in Georgia, and distributes propane in various states.
SmarTrend recommended that subscribers consider buying shares of Piedmont Natural Gas on September 24th, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.54. Since that recommendation, shares of Piedmont Natural Gas have risen 55.8%. We continue to monitor PNY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle piedmont natural gas