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Possible Bearish Inside Day Candle Pattern Detected for Wec Energy Group (NYSE:WEC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wec Energy Group (NYSE:WEC) based on the price action in the company's shares. Today's price range of $61.38 and $61.75 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 Wec Energy Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wec Energy Group (NYSE:WEC) has potential upside of 7.5% based on a current price of $61.67 and analysts' consensus price target of $66.30. The stock should find initial resistance at its 50-day moving average (MA) of $61.88 and further resistance at its 200-day MA of $63.91.

Over the past year, Wec Energy Group has traded in a range of $58.48 to $70.09 and is now at $61.67, 5% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

WEC Energy Group, Inc. operates as an electric and natural gas delivery company. The Company manages electric and natural gas distribution and transmission lines, as well as power plants. WEC Energy Group serves customers in Wisconsin, Illinois, Michigan, and Minnesota.

SmarTrend is monitoring the recent change of momentum in Wec Energy Group. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wec Energy Group in search of a potential trend change.

Keywords: bearish inside day candle wec energy group

Ticker(s): WEC