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

By Nick Russo

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 $43.92 and $44.35 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.

In the past 52 weeks, Hollyfrontier Co share prices have been bracketed by a low of $37.73 and a high of $58.88 and closed yesterday at $42.74, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has remained constant.

Potential upside of 43.3% exists for Hollyfrontier Co, based on a current level of $42.74 and analysts' average consensus price target of $61.25. The stock should run into initial resistance at its 200-day moving average (MA) of $48.52 and subsequent resistance at its 50-day MA of $49.26.

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

Keywords: bullish am inside day candle hollyfrontier co

Ticker(s): HFC