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Possible Bearish Inside Day Candle Pattern Detected for Sempra Energy (NYSE:SRE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sempra Energy (NYSE:SRE) based on the price action in the company's shares. Yesterday's price range of $105.55 and $106.08 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 Sempra Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sempra Energy share prices have moved between a 52-week high of $114.66 and a 52-week low of $86.72 and closed yesterday at 22% above that low price at $106.04 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

Sempra Energy is an energy services holding company with operations throughout the United States, Mexico, and other countries in South America. The Company, through its subsidiaries, generates electricity, delivers natural gas, operates natural gas pipelines and storage facilities, and operates a wind power generation project.

Sempra Energy (NYSE:SRE) has potential upside of 12.7% based on a current price of $106.04 and analysts' consensus price target of $119.55. The stock should discover initial support at its 50-day moving average (MA) of $101.90 and subsequent support at its 200-day MA of $98.34.

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

Keywords: bearish am inside day candle Sempra Energy

Ticker(s): SRE