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Possible Bullish Inside Day Candle Pattern Detected for Legacy Reserves (NASDAQ:LGCY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Legacy Reserves (NASDAQ:LGCY) based on the price action in the company's shares. Today's price range of $2.57 and $2.71 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 Legacy Reserves 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, shares of Legacy Reserves have traded between a low of $0.61 and a high of $12.85 and are now at $2.61, which is 328% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 3.7% while the 50-day MA has advanced 11.2%.

Legacy Reserves has overhead space with shares priced $2.61, or 49.7% below the average consensus analyst price target of $5.19. The stock should find resistance at its 200-day moving average (MA) of $3.14, as well as support at its 50-day MA of $1.40.

Legacy Reserves acquires and explores for oil and natural gas properties in the United States.

SmarTrend is monitoring the recent change of momentum in Legacy Reserves. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Legacy Reserves in search of a potential trend change.

Keywords: bullish inside day candle legacy reserves

Ticker(s): LGCY