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Possible Bullish Inside Day Candle Pattern Detected for Portland General (NYSE:POR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Portland General (NYSE:POR) based on the price action in the company's shares. Yesterday's price range of $39.67 and $39.94 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 Portland General may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Portland General Electric Company is an electric utility involved in the generation, purchase, transmission, distribution, and sale of electricity in Oregon. The Company also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers.

In the past 52 weeks, shares of Portland General have traded between a low of $39.02 and a high of $50.11 and closed yesterday at $39.78, which is 2% above that low price. The 200-day and 50-day moving averages have moved 0.27% lower and 0.15% higher over the past week, respectively.

Portland General has overhead space with shares priced $39.78, or 2.8% below the average consensus analyst price target of $40.94. The stock should find initial resistance at its 50-day moving average (MA) of $40.52 and further resistance at its 200-day MA of $44.14.

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

Keywords: bullish am inside day candle portland general

Ticker(s): POR