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

By James Quinn

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. Yesterday's price range of $3.20 and $3.35 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 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.

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 $3.35, or 68.6% below the average consensus analyst price target of $10.67. The stock should run into initial resistance at its 50-day moving average (MA) of $4.54 and subsequent resistance at its 200-day MA of $5.21.

In the past 52 weeks, shares of Pacific Ethanol have traded between a low of $3.10 and a high of $10.95 and closed yesterday at $3.35, which is 8% above that low price. The 200-day and 50-day moving averages have moved 1.73% lower and 1.49% higher over the past week, respectively.

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

Keywords: bullish am inside day candle pacific ethanol

Ticker(s): PEIX