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Possible Bullish Inside Day Candle Pattern Detected for National Fuel Gas (NYSE:NFG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in National Fuel Gas (NYSE:NFG) based on the price action in the company's shares. Yesterday's price range of $57.43 and $58.14 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 National Fuel Gas 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 National Fuel Gas have traded between a low of $37.03 and a high of $66.07 and closed yesterday at $58.13, which is 57% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations. The Company operates across the United States.

National Fuel Gas (NYSE:NFG) has potential upside of 7.5% based on a current price of $58.13 and analysts' consensus price target of $62.50. The stock should find initial support at its 50-day moving average (MA) of $50.60 and further support at its 200-day MA of $49.08.

SmarTrend recommended that subscribers consider buying shares of National Fuel Gas on April 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.59. Since that recommendation, shares of National Fuel Gas have risen 11.0%. We continue to monitor NFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle national fuel gas

Ticker(s): NFG