• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Renewable Energy (NASDAQ:REGI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Renewable Energy (NASDAQ:REGI) based on the price action in the company's shares. Yesterday's price range of $23.67 and $24.07 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 Renewable Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $23.93, Renewable Energy is currently 31.0% above its average consensus analyst price target of $16.50. The stock should find initial resistance at its 200-day moving average (MA) of $24.24 and further resistance at its 50-day MA of $26.46.

Renewable Energy share prices have moved between a 52-week high of $32.52 and a 52-week low of $10.85 and closed yesterday at 121% above that low price at $23.93 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.5%.

Renewable Energy Group Inc. produces biofuels and renewable chemicals. The Company develops, distributes, sells, and provides logistics for biodiesel and renewable chemical production. Renewable Energy Group serves companies throughout the United States.

SmarTrend is monitoring the recent change of momentum in Renewable Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Renewable Energy in search of a potential trend change.

Keywords: bearish am inside day candle renewable energy

Ticker(s): REGI