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Possible Bearish Inside Day Candle Pattern Detected for Ship Finance (NYSE:SFL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ship Finance (NYSE:SFL) based on the price action in the company's shares. Yesterday's price range of $12.27 and $12.27 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 Ship Finance may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ship Finance International Ltd owns and charters out ships. The Company's fleet includes crude oil tankers, oil/bulk/ore vessels, dry bulk carriers, container ships, and jack up oil rigs.

Ship Finance share prices have moved between a 52-week high of $15.65 and a 52-week low of $10.31 and closed yesterday at 19% above that low price at $12.28 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

Ship Finance (NYSE:SFL) has potential upside of 14.0% based on a current price of $12.28 and analysts' consensus price target of $14.00. The stock should find resistance at its 200-day moving average (MA) of $13.26, as well as support at its 50-day MA of $12.12.

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

Keywords: bearish am inside day candle ship finance

Ticker(s): SFL