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Possible Bullish Inside Day Candle Pattern Detected for Firstenergy Corp (NYSE:FE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Firstenergy Corp (NYSE:FE) based on the price action in the company's shares. Yesterday's price range of $46.07 and $46.53 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 Firstenergy Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

FirstEnergy Corp. is a public utility holding company. The Company's subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, exploration and production of oil and natural gas, transmission and marketing of natural gas, and energy management and other energy-related services.

Firstenergy Corp (NYSE:FE) defies analysts with a current price ($46.30) 17.7% above its average consensus price target of $38.12. The stock should hit resistance at its 50-day moving average (MA) of $47.68, as well as support at its 200-day MA of $43.59.

In the past 52 weeks, Firstenergy Corp share prices have been bracketed by a low of $35.33 and a high of $49.07 and closed yesterday at $46.30, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

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

Keywords: bullish am inside day candle firstenergy corp

Ticker(s): FE