Possible Bullish Inside Day Candle Pattern Detected for CMS Energy (NYSE:CMS)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CMS Energy (NYSE:CMS) based on the price action in the company's shares. Yesterday's price range of $44.76 and $45.08 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 CMS 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, shares of CMS Energy have traded between a low of $31.22 and a high of $46.25 and closed yesterday at $45.03, which is 44% above that low price. The 200-day and 50-day moving averages have moved 0.41% higher and 0.27% higher over the past week, respectively.
CMS Energy Corporation is an energy company operating primarily in Michigan. The Company, through its subsidiaries provides electricity and/or natural gas to its customers in Michigan. CMS Energy also invests in and operates non-utility power generation plants in the United States and abroad.
CMS Energy (NYSE:CMS) is currently priced 17.8% above its average consensus analyst price target of $37.04. The stock should find initial support at its 50-day moving average (MA) of $41.02 and further support at its 200-day MA of $36.94.
SmarTrend recommended that subscribers consider buying shares of CMS Energy on May 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.81. Since that recommendation, shares of CMS Energy have risen 6.6%. We continue to monitor CMS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle cms energy