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Possible Bearish Inside Day Candle Pattern Detected for Southern Co (NYSE:SO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Southern Co (NYSE:SO) based on the price action in the company's shares. Today's price range of $55.99 and $56.13 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 Southern Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Southern Co share prices have moved between a 52-week high of $56.28 and a 52-week low of $42.50 and are now trading 32% above that low price at $55.99 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.5%.

The 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.

Southern Co (NYSE:SO) is currently priced 15.3% above its average consensus analyst price target of $47.44. Southern Co shares have support at the 50-day moving average (MA) of $53.57 and additional support at the 200-day MA of $48.64.

SmarTrend recommended that subscribers consider buying shares of Southern Co on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.68. Since that recommendation, shares of Southern Co have risen 23.2%. We continue to monitor SO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle southern co

Ticker(s): SO