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

By David Diaz

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. Today's price range of $9.29 and $9.54 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 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.

Qep Resources In has overhead space with shares priced $9.49, or 32.3% below the average consensus analyst price target of $14.02. Qep Resources In shares should first meet resistance at the 200-day moving average (MA) of $13.40 and find additional resistance at the 50-day MA of $13.78.

Qep Resources In share prices have moved between a 52-week high of $21.12 and a 52-week low of $7.02 and are now trading 35% above that low price at $9.49 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 4.2%.

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.

SmarTrend recommended that subscribers consider buying shares of Qep Resources In on February 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.57. Since that recommendation, shares of Qep Resources In have risen 12.1%. We continue to monitor QEP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle qep resources in

Ticker(s): QEP