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Possible Bullish Inside Day Candle Pattern Detected for Public Service Enterprise Group (NYSE:PEG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Public Service Enterprise Group (NYSE:PEG) based on the price action in the company's shares. Yesterday's price range of $44.90 and $45.41 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 Public Service Enterprise Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $45.21, Public Service Enterprise Group is currently 6.0% above its average consensus analyst price target of $42.50. The stock should discover initial support at its 50-day moving average (MA) of $44.92 and subsequent support at its 200-day MA of $41.52.

In the past 52 weeks, shares of Public Service Enterprise Group have traded between a low of $36.80 and a high of $47.41 and closed yesterday at $45.21, which is 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.3%.

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 in the Northeastern and Mid Atlantic United States.

SmarTrend is tracking the current trend status for Public Service Enterprise Group and will alert subscribers who have PEG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle public service enterprise group

Ticker(s): PEG