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

By Shiri Gupta

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. Yesterday's price range of $8.70 and $8.93 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 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.

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.

In the past 52 weeks, Sm Energy Co share prices have been bracketed by a low of $7.00 and a high of $21.84 and closed yesterday at $8.86, 27% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 1%.

Sm Energy Co has overhead space with shares priced $8.86, or 70.8% below the average consensus analyst price target of $30.37. The stock should find initial resistance at its 50-day moving average (MA) of $9.10 and further resistance at its 200-day MA of $12.43.

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

Keywords: bearish am inside day candle sm energy co

Ticker(s): SM