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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pinnacle West (NYSE:PNW) based on the price action in the company's shares. Yesterday's price range of $91.05 and $91.59 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Pinnacle West has traded in a range of $81.63 to $99.81 and closed yesterday at $92.04, 13% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

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

Pinnacle West (NYSE:PNW) defies analysts with a current price ($92.04) 9.0% above its average consensus price target of $83.75. The stock should find resistance at its 200-day moving average (MA) of $93.06, as well as support at its 50-day MA of $88.03.

SmarTrend is tracking the current trend status for Pinnacle West 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

Ticker(s): PNW