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Possible Bullish Inside Day Candle Pattern Detected for Ecopetrol (NYSE:EC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ecopetrol (NYSE:EC) based on the price action in the company's shares. Today's price range of $9.20 and $9.29 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 Ecopetrol may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ecopetrol (NYSE:EC) has potential upside of 6.0% based on a current price of $9.27 and analysts' consensus price target of $9.83. The stock should find initial support at its 50-day moving average (MA) of $8.73 and further support at its 200-day MA of $8.53.

Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Ecopetrol share prices have moved between a 52-week high of $17.92 and a 52-week low of $5.16 and are now trading 80% above that low price at $9.27 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.4%.

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

Keywords: bullish inside day candle ecopetrol

Ticker(s): EC