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

By Nick Russo

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 $57.20 and $58.33 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) is currently priced 11.3% above its average consensus analyst price target of $51.00. The stock should hit resistance at its 50-day moving average (MA) of $59.97, as well as support at its 200-day MA of $55.89.

In the past 52 weeks, El Paso Electric share prices have been bracketed by a low of $48.05 and a high of $64.35 and closed yesterday at $57.52, 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has risen 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of El Paso Electric on September 13th, 2018 by issuing a Downtrend alert when the shares were trading at $60.75. Since that call, shares of El Paso Electric have fallen 6.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle el paso electric

Ticker(s): EE