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Possible Bearish Inside Day Candle Pattern Detected for Qep Resources In (NYSE:QEP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Qep Resources In (NYSE:QEP) based on the price action in the company's shares. Yesterday's price range of $8.01 and $8.10 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 Qep Resources In 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, Qep Resources In share prices have been bracketed by a low of $5.00 and a high of $13.77 and closed yesterday at $8.03, 61% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.6%.

QEP Resources Inc. is an independent natural gas and oil exploration and production company. The Company's operations are focused in the Rocky Mountain and Midcontinent regions of the United States. QEP also gathers, compresses, treats, and processes natural gas.

Qep Resources In (NYSE:QEP) has potential upside of 84.3% based on a current price of $8.03 and analysts' consensus price target of $14.80. The stock should find resistance at its 200-day moving average (MA) of $9.33, as well as support at its 50-day MA of $7.97.

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

Keywords: bearish am inside day candle qep resources in

Ticker(s): QEP