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Possible Bullish Inside Day Candle Pattern Detected for Hollyfrontier Co (NYSE:HFC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hollyfrontier Co (NYSE:HFC) based on the price action in the company's shares. Yesterday's price range of $41.05 and $41.32 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 Hollyfrontier Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

HollyFrontier Corporation, through its affiliates, refines, transports, stores, and markets petroleum products. The Company's refineries produce light products such as gasoline, diesel fuel, and jet fuel which are marketed in the southwestern United States, northern Mexico, and Montana.

Over the past year, Hollyfrontier Co has traded in a range of $40.74 to $83.28 and closed yesterday at $41.23, 1% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.7%.

Potential upside of 48.6% exists for Hollyfrontier Co, based on a current level of $41.23 and analysts' average consensus price target of $61.25. The stock should run into initial resistance at its 50-day moving average (MA) of $47.67 and subsequent resistance at its 200-day MA of $57.71.

SmarTrend recommended that its subscribers protect gains by selling shares of Hollyfrontier Co on February 28th, 2019 by issuing a Downtrend alert when the shares were trading at $51.96. Since that call, shares of Hollyfrontier Co have fallen 20.7%. 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 hollyfrontier co

Ticker(s): HFC