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Possible Bearish Inside Day Candle Pattern Detected for Rsp Permian Inc (NYSE:RSPP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rsp Permian Inc (NYSE:RSPP) based on the price action in the company's shares. Today's price range of $39.00 and $39.40 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 Rsp Permian Inc 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, Rsp Permian Inc share prices have been bracketed by a low of $28.76 and a high of $46.92 and are now at $39.40, 37% above that low price. The 200-day and 50-day moving averages have moved 0.45% higher and 2.83% higher over the past week, respectively.

Rsp Permian Inc has overhead space with shares priced $39.40, or 24.3% below the average consensus analyst price target of $52.02. The stock should discover initial support at its 50-day moving average (MA) of $28.70 and subsequent support at its 200-day MA of $25.20.

RSP Permian Inc operates as an independent oil and natural gas company. The Company acquires, explores, and develops properties for oil and natural gas reserves. RSP markets and operates throughout Texas.

SmarTrend recommended that subscribers consider buying shares of Rsp Permian Inc on February 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.07. Since that recommendation, shares of Rsp Permian Inc have risen 6.8%. We continue to monitor RSPP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle rsp permian inc

Ticker(s): RSPP