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Possible Bearish Inside Day Candle Pattern Detected for Spectra Energ (NYSE:SE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spectra Energ (NYSE:SE) based on the price action in the company's shares. Today's price range of $11.51 and $11.82 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 Spectra Energ may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Spectra Energ share prices have moved between a 52-week high of $44.00 and a 52-week low of $10.22 and are now trading 13% above that low price at $11.52 per share. The 200-day and 50-day moving averages have moved 0.03% higher and 0.55% higher over the past week, respectively.

Spectra Energy Corporation provides utility services. The Company transmits, stores, distributes, gathers, and processes natural gas. Spectra Energy serves clients in North America.

Spectra Energ has overhead space with shares priced $11.52, or 36.6% below the average consensus analyst price target of $18.16. The stock should find initial resistance at its 200-day moving average (MA) of $28.06 and further resistance at its 50-day MA of $30.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Spectra Energ on October 20th, 2017 by issuing a Downtrend alert when the shares were trading at $15.50. Since that call, shares of Spectra Energ have fallen 23.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle spectra energ

Ticker(s): SE