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Possible Bullish Inside Day Candle Pattern Detected for Centerpoint Energy (NYSE:CNP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Centerpoint Energy (NYSE:CNP) based on the price action in the company's shares. Yesterday's price range of $22.36 and $22.71 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. Traders and investors interested in shares of Centerpoint Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Centerpoint Energy share prices have been bracketed by a low of $16.05 and a high of $24.71 and closed yesterday at $22.67, 41% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.2%.

Centerpoint Energy (NYSE:CNP) is currently priced 10.9% above its average consensus analyst price target of $20.21. The stock should find initial support at its 50-day moving average (MA) of $20.60 and further support at its 200-day MA of $18.72.

CenterPoint Energy, Inc. is a public utility holding company. The Company, through its subsidiaries, conducts activities in electricity transmission and distribution, natural gas distribution and sales, interstate pipeline and gathering operations, and power generation.

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

Keywords: bullish am inside day candle CenterPoint Energy

Ticker(s): CNP