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

By Amy Schwartz

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. Yesterday's price range of $68.76 and $69.23 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 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 (NYSE:SO) defies analysts with a current price ($69.02) 31.3% above its average consensus price target of $47.44. The stock should find initial support at its 50-day moving average (MA) of $65.46 and further support at its 200-day MA of $59.94.

In the past 52 weeks, shares of Southern Co have traded between a low of $48.42 and a high of $71.10 and closed yesterday at $69.02, which is 43% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.0%.

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.

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

Keywords: bearish am inside day candle southern co

Ticker(s): SO