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Possible Bearish Inside Day Candle Pattern Detected for PPL (NYSE:PPL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in PPL (NYSE:PPL) based on the price action in the company's shares. Today's price range of $37.48 and $37.75 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 PPL 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, PPL has traded in a range of $29.18 to $39.92 and is now at $37.50, 29% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.4%.

PPL (NYSE:PPL) is currently priced 2.1% above its average consensus analyst price target of $36.73. The stock should discover initial support at its 50-day moving average (MA) of $36.95 and subsequent support at its 200-day MA of $34.17.

PPL Corporation is an energy and utility holding company. The Company, through its subsidiaries, generates electricity from power plants in the northeastern and western United States, and markets wholesale and retail energy primarily in the northeastern and western portions of the United States, and delivers electricity in Pennsylvania and the United Kingdom.

SmarTrend recommended that subscribers consider buying shares of PPL on October 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.21. Since that recommendation, shares of PPL have risen 10.5%. We continue to monitor PPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle

Ticker(s): PPL