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Possible Bullish Inside Day Candle Pattern Detected for ITC Holdings (NYSE:ITC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ITC Holdings (NYSE:ITC) based on the price action in the company's shares. Today's price range of $42.73 and $43.02 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 ITC Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

ITC Holdings (NYSE:ITC) defies analysts with a current price ($42.89) 15.8% above its average consensus price target of $36.12. ITC Holdings shares have support at the 50-day moving average (MA) of $42.05 and additional support at the 200-day MA of $36.75.

ITC Holdings share prices have moved between a 52-week high of $43.95 and a 52-week low of $30.33 and are now trading 41% above that low price at $42.89 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.6%.

ITC Holdings Corporation is a holding company. Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities. ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

SmarTrend recommended that subscribers consider buying shares of ITC Holdings on December 1st, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.91. Since that recommendation, shares of ITC Holdings have risen 12.7%. We continue to monitor ITC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle itc holdings

Ticker(s): ITC