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Possible Bearish Inside Day Candle Pattern Detected for Plains All American Pipeline (NYSE:PAA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Plains All American Pipeline (NYSE:PAA) based on the price action in the company's shares. Today's price range of $27.26 and $27.74 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 Plains All American Pipeline 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, Plains All American Pipeline has traded in a range of $14.82 to $50.63 and is now at $27.61, 86% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has advanced 0.6%.

Plains All American Pipeline, L.P. is involved in interstate and intrastate crude oil pipeline transportation and crude oil terminalling storage activities. The Partnership is also involved in gathering and marketing activities. Plains owns and operates a seasonally heated, common carrier crude oil pipe-line extending from CA to TX and an oil gathering system in CA.

Plains All American Pipeline has overhead space with shares priced $27.61, or 25.2% below the average consensus analyst price target of $36.91. The stock should find initial support at its 200-day moving average (MA) of $26.57 and further support at its 50-day MA of $22.45.

SmarTrend recommended that subscribers consider buying shares of Plains All American Pipeline on April 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.03. Since that recommendation, shares of Plains All American Pipeline have risen 21.0%. We continue to monitor PAA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle plains all american pipeline

Ticker(s): PAA