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Possible Bearish Inside Day Candle Pattern Detected for Pnm Resources (NYSE:PNM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pnm Resources (NYSE:PNM) based on the price action in the company's shares. Yesterday's price range of $47.60 and $47.81 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 Pnm Resources 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, Pnm Resources share prices have been bracketed by a low of $34.95 and a high of $48.35 and closed yesterday at $47.76, 37% above that low price. The 200-day and 50-day moving averages have moved 0.38% higher and 0.13% higher over the past week, respectively.

PNM Resources, Inc., through its subsidiaries, engages in the energy and energy-related businesses in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments.

Pnm Resources (NYSE:PNM) is currently priced 18.7% above its average consensus analyst price target of $38.81. Pnm Resources shares have support at the 50-day moving average (MA) of $46.54 and additional support at the 200-day MA of $42.57.

SmarTrend is tracking the current trend status for Pnm Resources and will alert subscribers who have PNM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pnm resources

Ticker(s): PNM