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Possible Bearish Inside Day Candle Pattern Detected for Sm Energy Co (NYSE:SM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sm Energy Co (NYSE:SM) based on the price action in the company's shares. Today's price range of $16.66 and $16.66 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 Sm Energy Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Sm Energy Co has traded in a range of $13.15 to $33.76 and is now at $16.66, 27% above that low. The 200-day and 50-day moving averages have moved 0.67% lower and 0.23% lower over the past week, respectively.

Sm Energy Co (NYSE:SM) has potential upside of 82.3% based on a current price of $16.66 and analysts' consensus price target of $30.37. The stock should find initial resistance at its 50-day moving average (MA) of $17.99 and further resistance at its 200-day MA of $23.57.

SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil. The Company's operations are focused on The ArkLaTex, Gulf Coast, Mid-Continent, Rocky Mountains, and Permian Basin regions.

SmarTrend recommended that its subscribers protect gains by selling shares of Sm Energy Co on February 7th, 2019 by issuing a Downtrend alert when the shares were trading at $17.95. Since that call, shares of Sm Energy Co have fallen 3.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle sm energy co

Ticker(s): SM