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Possible Bullish Inside Day Candle Pattern Detected for Pub Serv Enterp (NYSE:PEG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pub Serv Enterp (NYSE:PEG) based on the price action in the company's shares. Yesterday's price range of $57.67 and $57.79 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 Pub Serv Enterp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pub Serv Enterp share prices have moved between a 52-week high of $63.88 and a 52-week low of $49.97 and closed yesterday at 16% above that low price at $57.96 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

Public Service Enterprise Group Incorporated is a public utility holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity and produces natural gas in the Northeastern and Mid Atlantic United States.

Pub Serv Enterp (NYSE:PEG) is currently priced 6.6% above its average consensus analyst price target of $54.14. The stock should find initial resistance at its 50-day moving average (MA) of $59.83 and further resistance at its 200-day MA of $59.91.

SmarTrend recommended that its subscribers protect gains by selling shares of Pub Serv Enterp on November 12th, 2019 by issuing a Downtrend alert when the shares were trading at $60.68. Since that call, shares of Pub Serv Enterp have fallen 5.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle pub serv enterp

Ticker(s): PEG