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Possible Bullish Inside Day Candle Pattern Detected for Great Plains Energy (NYSE:GXP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Great Plains Energy (NYSE:GXP) based on the price action in the company's shares. Today's price range of $27.21 and $27.56 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 Great Plains Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Great Plains Energy (NYSE:GXP) is currently priced 0.7% above its average consensus analyst price target of $27.25. The stock should run into initial resistance at its 200-day moving average (MA) of $27.89 and subsequent resistance at its 50-day MA of $31.14.

In the past 52 weeks, Great Plains Energy share prices have been bracketed by a low of $24.06 and a high of $32.74 and are now at $27.45, 14% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

Great Plains Energy Incorporated provides electricity in the Midwest United States. The Company develops competitive generation for the wholesale market. Great Plains is also an electric delivery company with regulated generation. In addition, the Company is an investment company focusing on energy-related ventures nationwide that are unregulated with high growth potential.

SmarTrend recommended that its subscribers protect gains by selling shares of Great Plains Energy on August 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $29.22. Since that call, shares of Great Plains Energy have fallen 6.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle great plains energy

Ticker(s): GXP