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Possible Bullish Inside Day Candle Pattern Detected for Pacific Ethanol (NASDAQ:PEIX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pacific Ethanol (NASDAQ:PEIX) based on the price action in the company's shares. Today's price range of $4.77 and $5.03 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 Pacific Ethanol 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 Pacific Ethanol have traded between a low of $2.41 and a high of $13.70 and are now at $4.85, which is 101% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 1.5%.

Pacific Ethanol, Inc. produces and markets low-carbon ethanol. The Company also identifies and develops other renewable fuel technologies, such as cellulose-based ethanol production and bio-diesel.

Pacific Ethanol has overhead space with shares priced $4.85, or 61.2% below the average consensus analyst price target of $12.50. The stock should hit resistance at its 200-day moving average (MA) of $5.21, as well as support at its 50-day MA of $4.54.

SmarTrend is tracking the current trend status for Pacific Ethanol and will alert subscribers who have PEIX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle pacific ethanol

Ticker(s): PEIX