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Possible Bullish Inside Day Candle Pattern Detected for El Paso Electric (NYSE:EE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in El Paso Electric (NYSE:EE) based on the price action in the company's shares. Yesterday's price range of $48.65 and $49.17 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 El Paso Electric may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

El Paso Electric Company generates, distributes, and transmits electricity in West Texas and southern New Mexico. The Company also serves wholesale customers in Texas, New Mexico, California, and Mexico. El Paso Electric owns or has partial ownership interests in electrical generating facilities.

El Paso Electric (NYSE:EE) has potential upside of 8.4% based on a current price of $48.90 and analysts' consensus price target of $53.00. El Paso Electric shares have support at the 50-day moving average (MA) of $44.06 and additional support at the 200-day MA of $39.36.

Over the past year, El Paso Electric has traded in a range of $42.49 to $61.15 and closed yesterday at $48.90, 15% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.8%.

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

Keywords: bullish am inside day candle el paso electric

Ticker(s): EE