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

By Nick Russo

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 $7.26 and $7.42 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 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.

In the past 52 weeks, Qep Resources In share prices have been bracketed by a low of $7.02 and a high of $21.12 and are now at $7.36, 5% above that low price. The 200-day and 50-day moving averages have moved 0.37% higher and 4.20% higher over the past week, respectively.

Potential upside of 130.0% exists for Qep Resources In, based on a current level of $7.36 and analysts' average consensus price target of $16.93. The stock should find initial resistance at its 200-day moving average (MA) of $13.40 and further resistance at its 50-day MA of $13.78.

SmarTrend recommended that its subscribers protect gains by selling shares of Qep Resources In on January 11th, 2017 by issuing a Downtrend alert when the shares were trading at $17.85. Since that call, shares of Qep Resources In have fallen 58.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle qep resources in

Ticker(s): QEP