• Return to Headlines

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

By Amy Schwartz

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. Yesterday's price range of $11.44 and $11.82 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 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 closed yesterday at 13% above that low price at $11.59 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

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 (NYSE:SE) has potential upside of 56.7% based on a current price of $11.59 and analysts' consensus price target of $18.16. Spectra Energ shares should first meet resistance at the 200-day moving average (MA) of $28.06 and find additional resistance at the 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 am inside day candle spectra energ

Ticker(s): SE