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Possible Bullish Inside Day Candle Pattern Detected for Kinder Morgan (NYSE:KMI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kinder Morgan (NYSE:KMI) based on the price action in the company's shares. Today's price range of $20.38 and $20.57 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 Kinder Morgan may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Kinder Morgan share prices have been bracketed by a low of $11.20 and a high of $43.34 and are now at $20.45, 83% 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 remained constant.

Potential upside of 21.6% exists for Kinder Morgan, based on a current level of $20.45 and analysts' average consensus price target of $24.87. The stock should find resistance at its 200-day moving average (MA) of $22.83, as well as support at its 50-day MA of $18.07.

Kinder Morgan Inc. is a pipeline transportation and energy storage company. The Company owns and operates pipelines that transport natural gas, gasoline, crude oil, carbon dioxide and other products, and terminals that store petroleum products and chemicals and handle bulk materials like coal and petroleum coke.

SmarTrend recommended that its subscribers protect gains by selling shares of Kinder Morgan on March 9th, 2017 by issuing a Downtrend alert when the shares were trading at $21.10. Since that call, shares of Kinder Morgan have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Kinder Morgan

Ticker(s): KMI