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

By Shiri Gupta

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 $56.63 and $56.85 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 (NYSE:SO) is currently priced 16.5% above its average consensus analyst price target of $47.44. The stock should find initial support at its 50-day moving average (MA) of $54.53 and further support at its 200-day MA of $49.40.

Southern Co share prices have moved between a 52-week high of $57.08 and a 52-week low of $42.50 and are now trading 34% above that low price at $56.85 per share. The 200-day and 50-day moving averages have moved 0.39% higher and 0.46% higher over the past week, respectively.

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 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 24.6%. 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