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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. Today's price range of $10.03 and $10.22 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 $8.51 to $33.76 and is now at $10.03, 18% above that low. The 200-day and 50-day moving averages have moved 1.37% lower and 1.02% lower over the past week, respectively.

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.

Sm Energy Co has overhead space with shares priced $10.03, or 67.0% below the average consensus analyst price target of $30.37. The stock should find initial resistance at its 50-day moving average (MA) of $10.64 and further resistance at its 200-day MA of $15.82.

SmarTrend recommended that its subscribers protect gains by selling shares of Sm Energy Co on May 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $14.40. Since that call, shares of Sm Energy Co have fallen 29.0%. 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