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Possible Bullish Inside Day Candle Pattern Detected for Pdc Energy Inc (NASDAQ:PDCE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pdc Energy Inc (NASDAQ:PDCE) based on the price action in the company's shares. Yesterday's price range of $41.15 and $41.83 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 Pdc Energy Inc 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, Pdc Energy Inc share prices have been bracketed by a low of $26.59 and a high of $66.20 and closed yesterday at $41.63, 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has slid 0.6%.

Potential upside of 66.9% exists for Pdc Energy Inc, based on a current level of $41.63 and analysts' average consensus price target of $69.50. Pdc Energy Inc shares should encounter resistance at the 200-day moving average (MA) of $45.04 and support at the 50-day MA of $37.41.

PDC Energy, Inc. produces and distributes petroleum products. The Company produces, develops, explores and markets crude oil, natural gas and natural gas liquids. PDC Energy conducts its business operations in the United States.

SmarTrend recommended that subscribers consider buying shares of Pdc Energy Inc on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.25. Since that recommendation, shares of Pdc Energy Inc have risen 26.1%. We continue to monitor PDCE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle pdc energy inc

Ticker(s): PDCE