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Possible Bearish Inside Day Candle Pattern Detected for SCANA (NYSE:SCG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in SCANA (NYSE:SCG) based on the price action in the company's shares. Yesterday's price range of $70.43 and $71.16 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 SCANA may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

SCANA has overhead space with shares priced $70.75, or 0.0% below the average consensus analyst price target of $70.78. SCANA shares have support at the 50-day moving average (MA) of $68.12 and additional support at the 200-day MA of $60.57.

In the past 52 weeks, SCANA share prices have been bracketed by a low of $49.89 and a high of $76.41 and closed yesterday at $70.75, 42% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.5%.

SCANA Corporation is a holding company involved in regulated electric and natural gas utility operations, telecommunications, and other energy-related businesses. The Company serves electric customers in South Carolina and natural gas customers in South Carolina, North Carolina, and Georgia. SCANA also has investments in several southeastern telecommunications companies.

SmarTrend recommended that subscribers consider buying shares of SCANA on May 26th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.96. Since that recommendation, shares of SCANA have risen 4.8%. We continue to monitor SCG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle scana

Ticker(s): SCG