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Possible Bullish Inside Day Candle Pattern Detected for Energen (NYSE:EGN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Energen (NYSE:EGN) based on the price action in the company's shares. Yesterday's price range of $48.46 and $49.28 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 Energen may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Energen share prices have moved between a 52-week high of $77.12 and a 52-week low of $20.76 and closed yesterday at 137% above that low price at $49.23 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.6% while the 200-day MA has slid 0.8%.

Potential upside of 39.3% exists for Energen, based on a current level of $49.23 and analysts' average consensus price target of $68.59. The stock should find initial support at its 200-day moving average (MA) of $44.87 and further support at its 50-day MA of $35.83.

Energen Corporation is a diversified energy holding company. The Company acquires, develops, explores, and produces oil, natural gas and natural gas liquids in the continental United States. The Company also purchases, distributes and sells natural gas, principally in central and north Alabama.

SmarTrend recommended that subscribers consider buying shares of Energen on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.36. Since that recommendation, shares of Energen have risen 6.2%. We continue to monitor EGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle energen

Ticker(s): EGN