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Possible Bullish Inside Day Candle Pattern Detected for DCP Midstream Partners (NYSE:DPM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in DCP Midstream Partners (NYSE:DPM) based on the price action in the company's shares. Today's price range of $33.13 and $33.53 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 DCP Midstream Partners may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

DCP Midstream Partners, LP owns and operates a diversified portfolio of midstream energy assets consisting of two business segments, Natural Gas Services and Natural Gas Liquids (NGL) Logistics.

In the past 52 weeks, DCP Midstream Partners share prices have been bracketed by a low of $15.09 and a high of $40.69 and are now at $33.30, 121% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.2% while the 200-day MA has risen 0.2%.

DCP Midstream Partners has overhead space with shares priced $33.30, or 5.9% below the average consensus analyst price target of $35.38. The stock should discover initial support at its 50-day moving average (MA) of $27.26 and subsequent support at its 200-day MA of $25.49.

SmarTrend is tracking the current trend status for DCP Midstream Partners and will alert subscribers who have DPM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle dcp midstream partners

Ticker(s): DPM