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Possible Bearish Inside Day Candle Pattern Detected for Portland General Electric (NYSE:POR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Portland General Electric (NYSE:POR) based on the price action in the company's shares. Yesterday's price range of $42.43 and $43.00 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 Portland General Electric may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $42.58, Portland General Electric is currently 10.8% above its average consensus analyst price target of $38.00. Portland General Electric shares have support at the 50-day moving average (MA) of $39.12 and additional support at the 200-day MA of $37.28.

Portland General Electric Company is an electric utility involved in the generation, purchase, transmission, distribution, and sale of electricity in Oregon. The Company also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers.

Portland General Electric share prices have moved between a 52-week high of $45.21 and a 52-week low of $33.04 and closed yesterday at 29% above that low price at $42.58 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

SmarTrend is monitoring the recent change of momentum in Portland General Electric. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Portland General Electric in search of a potential trend change.

Keywords: bearish am inside day candle portland general electric

Ticker(s): POR