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Possible Bullish Inside Day Candle Pattern Detected for Kayne Anderson Energy Total Return Fund (NYSE:KYE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kayne Anderson Energy Total Return Fund (NYSE:KYE) based on the price action in the company's shares. Yesterday's price range of $10.21 and $10.47 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 Kayne Anderson Energy Total Return Fund may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Kayne Anderson Energy Total Return Fund is a non-diversified, closed-end management investment company incorporated in the USA. The Fund's objective is to obtain a high total return with emphasis on current income. The Fund will invest primarily in securities of companies engaged in the energy industry.

There is potential upside of 244.5% for shares of Kayne Anderson Energy Total Return Fund based on a current price of $10.45 and an average consensus analyst price target of $36.00. The stock should hit resistance at its 200-day moving average (MA) of $11.17, as well as support at its 50-day MA of $8.24.

In the past 52 weeks, Kayne Anderson Energy Total Return Fund share prices have been bracketed by a low of $4.62 and a high of $25.50 and closed yesterday at $10.45, 126% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 2.5%.

SmarTrend recommended that subscribers consider buying shares of Kayne Anderson Energy Total Return Fund on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.10. Since that recommendation, shares of Kayne Anderson Energy Total Return Fund have risen 43.4%. We continue to monitor KYE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle kayne anderson energy total return fund

Ticker(s): KYE