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Possible Bullish Inside Day Candle Pattern Detected for Calpine (NYSE:CPN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Calpine (NYSE:CPN) based on the price action in the company's shares. Today's price range of $12.71 and $12.83 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. Traders and investors interested in shares of Calpine may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Calpine has overhead space with shares priced $12.76, or 40.5% below the average consensus analyst price target of $21.42. The stock should run into initial resistance at its 50-day moving average (MA) of $14.56 and subsequent resistance at its 200-day MA of $14.88.

Calpine share prices have moved between a 52-week high of $21.80 and a 52-week low of $11.53 and are now trading 11% above that low price at $12.76 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.5%.

Calpine Corporation acquires, develops, owns, and operates power generation facilities, as well as sells electricity in the United States. The Company also provides thermal energy for industrial customers.

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

Keywords: bullish inside day candle calpine

Ticker(s): CPN