Possible Bearish Inside Day Candle Pattern Detected for The Southern Co (NYSE:SO)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in The Southern Co (NYSE:SO) based on the price action in the company's shares. Yesterday's price range of $51.68 and $52.11 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 The Southern Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
The Southern Co (NYSE:SO) is currently priced 10.9% above its average consensus analyst price target of $46.29. The stock should discover initial support at its 50-day moving average (MA) of $50.07 and subsequent support at its 200-day MA of $46.66.
In the past 52 weeks, The Southern Co share prices have been bracketed by a low of $41.40 and a high of $54.64 and closed yesterday at $51.96, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.3%.
Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and Internet access services as well as wholesales fiber optic solutions.
SmarTrend is monitoring the recent change of momentum in The Southern Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of The Southern Co in search of a potential trend change.
Keywords: bearish am inside day candle the southern co