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Possible Bearish Inside Day Candle Pattern Detected for South Jersey Ind (NYSE:SJI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in South Jersey Ind (NYSE:SJI) based on the price action in the company's shares. Yesterday's price range of $32.72 and $33.25 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 South Jersey Ind may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

South Jersey Industries, Inc., through its subsidiaries, provides energy-related products and services. The company engages in the purchase, transmission, and sale of natural gas. It also sells natural gas and pipeline transportation capacity on a wholesale basis to residential, commercial, and industrial customers on the interstate pipeline system, as well as transports natural gas, which is purchased directly from producers or suppliers to their customers.

South Jersey Ind has overhead space with shares priced $32.72, or 0.8% below the average consensus analyst price target of $33.00. South Jersey Ind shares have support at the 50-day moving average (MA) of $32.68 and additional support at the 200-day MA of $31.46.

Over the past year, South Jersey Ind has traded in a range of $26.06 to $36.72 and closed yesterday at $32.72, 26% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

SmarTrend is monitoring the recent change of momentum in South Jersey Ind. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of South Jersey Ind in search of a potential trend change.

Keywords: bearish am inside day candle south jersey ind

Ticker(s): SJI