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Possible Bearish Inside Day Candle Pattern Detected for Suncoke Energy I (NYSE:SXC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Suncoke Energy I (NYSE:SXC) based on the price action in the company's shares. Yesterday's price range of $5.57 and $5.73 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 Suncoke Energy I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Suncoke Energy I share prices have moved between a 52-week high of $11.36 and a 52-week low of $4.56 and closed yesterday at 22% above that low price at $5.57 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 0.8%.

There is potential upside of 139.4% for shares of Suncoke Energy I based on a current price of $5.57 and an average consensus analyst price target of $13.33. Suncoke Energy I shares should encounter resistance at the 200-day moving average (MA) of $7.37 and support at the 50-day MA of $5.47.

SunCoke Energy, Inc. produces metallurgical coke. The Company mines metallurgical coal in underground and surface mines and operates coke making facilities in the United States and Brazil.

SmarTrend recommended that its subscribers protect gains by selling shares of Suncoke Energy I on September 25th, 2019 by issuing a Downtrend alert when the shares were trading at $6.23. Since that call, shares of Suncoke Energy I have fallen 7.2%. 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 suncoke energy i

Ticker(s): SXC