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Possible Bearish Inside Day Candle Pattern Detected for Pinnacle West Capital (NYSE:PNW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pinnacle West Capital (NYSE:PNW) based on the price action in the company's shares. Yesterday's price range of $73.40 and $74.30 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 Pinnacle West Capital may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pinnacle West Capital (NYSE:PNW) is currently priced 12.9% above its average consensus analyst price target of $64.69. The stock should find initial support at its 50-day moving average (MA) of $72.47 and further support at its 200-day MA of $65.77.

Pinnacle West Capital share prices have moved between a 52-week high of $75.81 and a 52-week low of $56.01 and closed yesterday at 33% above that low price at $74.26 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.4%.

Pinnacle West Capital Corporation is a utility holding company. The Company, through its subsidiary, provides either retail or wholesale electric service to most of the State of Arizona. The Company, through a subsidiary, also is involved in real estate development activities in the western United States.

SmarTrend is tracking the current trend status for Pinnacle West Capital and will alert subscribers who have PNW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pinnacle west capital

Ticker(s): PNW