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Possible Bearish Inside Day Candle Pattern Detected for Pub Serv Enterp (NYSE:PEG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pub Serv Enterp (NYSE:PEG) based on the price action in the company's shares. Yesterday's price range of $60.02 and $60.37 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 Pub Serv Enterp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Public Service Enterprise Group Incorporated is a public utility holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity and produces natural gas in the Northeastern and Mid Atlantic United States.

Pub Serv Enterp (NYSE:PEG) is currently priced 10.2% above its average consensus analyst price target of $54.14. Pub Serv Enterp shares have support at the 50-day moving average (MA) of $59.36 and additional support at the 200-day MA of $55.58.

Over the past year, Pub Serv Enterp has traded in a range of $49.23 to $61.44 and closed yesterday at $60.32, 23% above that low. The 200-day and 50-day moving averages have moved 0.24% higher and 0.03% higher over the past week, respectively.

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

Keywords: bearish am inside day candle pub serv enterp

Ticker(s): PEG