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

By Shiri Gupta

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. Today's price range of $60.92 and $60.92 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 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.

Over the past year, Pub Serv Enterp has traded in a range of $49.23 to $61.50 and is now at $60.92, 24% above that low. The 200-day and 50-day moving averages have moved 0.33% higher and 0.24% higher over the past week, respectively.

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 11.1% above its average consensus analyst price target of $54.14. The stock should find initial support at its 50-day moving average (MA) of $59.96 and further support at its 200-day MA of $56.68.

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 inside day candle pub serv enterp

Ticker(s): PEG