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Possible Bullish Inside Day Candle Pattern Detected for PG&E (NYSE:PCG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PG&E (NYSE:PCG) based on the price action in the company's shares. Yesterday's price range of $62.14 and $62.71 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 PG&E may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

PG&E Corporation is a holding company that holds interests in energy based businesses. The Company's holdings include a public utility operating in northern and central California that provides electricity and natural gas distribution, electricity generation, procurement, and transmission, and natural gas procurement, transportation, and storage.

PG&E (NYSE:PCG) is currently priced 7.8% above its average consensus analyst price target of $57.50. PG&E shares have support at the 50-day moving average (MA) of $58.17 and additional support at the 200-day MA of $54.11.

Over the past year, PG&E has traded in a range of $47.33 to $65.43 and closed yesterday at $62.36, 32% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of PG&E on June 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $60.04. Since that recommendation, shares of PG&E have risen 3.4%. We continue to monitor PCG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle PG&E

Ticker(s): PCG