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Possible Bullish Inside Day Candle Pattern Detected for Idacorp Inc (NYSE:IDA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Idacorp Inc (NYSE:IDA) based on the price action in the company's shares. Yesterday's price range of $109.65 and $110.42 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 Idacorp Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

IDACORP, Inc. operates as a holding company. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southern Idaho, eastern Oregon, northern Nevada, and Wyoming. IDACORP maintains electricity and natural gas marketing operations, as well as manages affordable housing projects and other real estate investments.

Idacorp Inc (NYSE:IDA) is currently priced 22.8% above its average consensus analyst price target of $85.00. The stock should find initial support at its 50-day moving average (MA) of $107.61 and further support at its 200-day MA of $105.82.

In the past 52 weeks, Idacorp Inc share prices have been bracketed by a low of $95.03 and a high of $114.01 and closed yesterday at $110.13, 16% above that low price. The 200-day and 50-day moving averages have moved 0.19% higher and 0.28% higher over the past week, respectively.

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

Keywords: bullish am inside day candle idacorp inc

Ticker(s): IDA