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

By Shiri Gupta

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 $45.41 and $45.86 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 Co has overhead space with shares priced $45.62, or 25.5% below the average consensus analyst price target of $61.25. The stock should run into initial resistance at its 50-day moving average (MA) of $46.47 and subsequent resistance at its 200-day MA of $50.50.

Hollyfrontier Co share prices have moved between a 52-week high of $76.56 and a 52-week low of $37.73 and closed yesterday at 21% above that low price at $45.62 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.7%.

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.

SmarTrend is monitoring the recent change of momentum in Hollyfrontier Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hollyfrontier Co in search of a potential trend change.

Keywords: bullish am inside day candle hollyfrontier co

Ticker(s): HFC