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

By Amy Schwartz

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. Today's price range of $22.39 and $22.59 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 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.

Over the past year, Centerpoint Energy has traded in a range of $16.05 to $24.71 and is now at $22.41, 40% above that low. The 200-day and 50-day moving averages have moved 0.29% higher and 1.17% higher over the past week, respectively.

Centerpoint Energy (NYSE:CNP) defies analysts with a current price ($22.41) 9.8% above its average consensus price target of $20.21. Centerpoint Energy shares have support at the 50-day moving average (MA) of $20.60 and additional support at the 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 monitoring the recent change of momentum in Centerpoint Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Centerpoint Energy in search of a potential trend change.

Keywords: bullish inside day candle CenterPoint Energy

Ticker(s): CNP