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Possible Bearish Inside Day Candle Pattern Detected for Tsakos Energy Navigation (NYSE:TNP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tsakos Energy Navigation (NYSE:TNP) based on the price action in the company's shares. Today's price range of $6.13 and $6.35 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 Tsakos Energy Navigation may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Tsakos Energy Navigation have traded between a low of $4.79 and a high of $10.50 and are now at $6.25, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 1%.

Tsakos Energy Navigation Ltd. owns and operates a fleet of tankers. The fleet includes VLCC, suezmax, aframax, panamax, and handymax tankers suitable for transporting crude oil, refined petroleum products, and other liquids. The Company's technical manager is Tsakos Shipping and Trading SA.

There is potential upside of 120.3% for shares of Tsakos Energy Navigation based on a current price of $6.25 and an average consensus analyst price target of $13.77. The stock should hit resistance at its 200-day moving average (MA) of $7.31, as well as support at its 50-day MA of $6.18.

SmarTrend is tracking the current trend status for Tsakos Energy Navigation and will alert subscribers who have TNP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle tsakos energy navigation

Ticker(s): TNP