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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. Today's price range of $42.52 and $42.81 is within yesterday'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.

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.

Public Service Enterprise Group (NYSE:PEG) defies analysts with a current price ($42.64) 0.3% above its average consensus price target of $42.50. The stock should find resistance at its 50-day moving average (MA) of $45.52, as well as support at its 200-day MA of $41.74.

Over the past year, Public Service Enterprise Group has traded in a range of $36.80 to $47.41 and is now at $42.64, 16% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Public Service Enterprise Group on August 9th, 2016 by issuing a Downtrend alert when the shares were trading at $43.97. Since that call, shares of Public Service Enterprise Group have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle public service enterprise group

Ticker(s): PEG