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

By James Quinn

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 $3.41 and $3.48 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 has overhead space with shares priced $3.45, or 43.8% below the average consensus analyst price target of $6.14. Scorpio Tankers shares should first meet resistance at the 50-day moving average (MA) of $6.01 and find additional resistance at the 200-day MA of $7.87.

Scorpio Tankers share prices have moved between a 52-week high of $5.53 and a 52-week low of $3.20 and are now trading 8% above that low price at $3.45 per share. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 0.2%.

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

SmarTrend is tracking the current trend status for Scorpio Tankers and will alert subscribers who have STNG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle scorpio tankers

Ticker(s): STNG