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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 $7.90 and $8.02 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.

Over the past year, Qep Resources In has traded in a range of $5.00 to $13.77 and is now at $7.92, 58% above that low. The 200-day and 50-day moving averages have moved 0.43% lower and 0.38% higher over the past week, respectively.

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.

There is potential upside of 86.9% for shares of Qep Resources In based on a current price of $7.92 and an average consensus analyst price target of $14.80. Qep Resources In shares should encounter resistance at the 200-day moving average (MA) of $8.63 and support at the 50-day MA of $7.79.

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 inside day candle qep resources in

Ticker(s): QEP