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Possible Bearish Inside Day Candle Pattern Detected for Scorpio Tankers (NYSE:STNG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Scorpio Tankers (NYSE:STNG) based on the price action in the company's shares. Today's price range of $24.84 and $24.84 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 Scorpio Tankers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Scorpio Tankers (NYSE:STNG) defies analysts with a current price ($24.84) 82.5% above its average consensus price target of $4.36. Scorpio Tankers shares have support at the 50-day moving average (MA) of $19.78 and additional support at the 200-day MA of $6.50.

In the past 52 weeks, Scorpio Tankers share prices have been bracketed by a low of $0.15 and a high of $25.26 and are now at $24.84, 16,460% above that low price. The 200-day and 50-day moving averages have moved 3.87% higher and 1.79% higher over the past week, respectively.

Scorpio Tankers Inc. is a shipping company. The Company provides seaborne transportation of crude oil and other petroleum products worldwide.

SmarTrend recommended that subscribers consider buying shares of Scorpio Tankers on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.45. Since that recommendation, shares of Scorpio Tankers have risen 22.0%. We continue to monitor STNG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle scorpio tankers

Ticker(s): STNG