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Possible Bearish Inside Day Candle Pattern Detected for Tegna Inc (NYSE:TGNA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tegna Inc (NYSE:TGNA) based on the price action in the company's shares. Yesterday's price range of $16.26 and $16.27 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 Tegna Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $16.26, Tegna Inc is currently 12.1% above its average consensus analyst price target of $14.29. The stock should find initial support at its 50-day moving average (MA) of $15.35 and further support at its 200-day MA of $15.16.

TEGNA Inc. is a broadcasting, digital media and marketing services company. The Company owns and operates television stations, delivering news and informative content. TEGNA also provides marketing solutions and services to individuals and businesses of all sizes. Its stated purpose is to serve the greater good of its communities.

Tegna Inc share prices have moved between a 52-week high of $16.58 and a 52-week low of $10.24 and closed yesterday at 59% above that low price at $16.26 per share. The 200-day and 50-day moving averages have moved 0.38% higher and 0.42% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Tegna Inc and will alert subscribers who have TGNA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle tegna inc

Ticker(s): TGNA