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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spectra Energy (NYSE:SE) based on the price action in the company's shares. Today's price range of $36.25 and $36.64 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 Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Spectra Energy (NYSE:SE) is currently priced 5.7% above its average consensus analyst price target of $34.23. The stock should find initial support at its 50-day moving average (MA) of $30.33 and further support at its 200-day MA of $28.06.

Spectra Energy Corporation transmits, stores, distributes, gathers, and processes natural gas. The Company provides transportation and storage of natural gas to customers in various regions of the northeastern and southeastern United States, the Maritime Provinces in Canada and the Pacific Northwest in the United States and Canada, and the province of Ontario, Canada.

Spectra Energy share prices have moved between a 52-week high of $37.73 and a 52-week low of $21.43 and are now trading 69% above that low price at $36.30 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Spectra Energy on January 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.99. Since that recommendation, shares of Spectra Energy have risen 47.2%. We continue to monitor SE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Spectra Energy

Ticker(s): SE