Possible Bearish Inside Day Candle Pattern Detected for Vectren (NYSE:VVC)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vectren (NYSE:VVC) based on the price action in the company's shares. Yesterday's price range of $49.84 and $50.37 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 Vectren 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 Vectren have traded between a low of $37.26 and a high of $53.33 and closed yesterday at $50.09, which is 34% above that low price. The 200-day and 50-day moving averages have moved 0.42% higher and 0.63% higher over the past week, respectively.
Vectren Corporation distributes gas in Indiana and western Ohio and electricity in southern Indiana. The Company's subsidiaries provide energy-related products and services, including energy marketing, fiber-optic telecommunications services, and utility related services. Vectren's services include materials management, debt collection, locating, trenching and meter reading services.
Vectren (NYSE:VVC) is currently priced 8.8% above its average consensus analyst price target of $45.67. The stock should discover initial support at its 50-day moving average (MA) of $48.94 and subsequent support at its 200-day MA of $43.91.
SmarTrend is monitoring the recent change of momentum in Vectren. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Vectren in search of a potential trend change.
Keywords: bearish am inside day candle vectren