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Possible Bullish Inside Day Candle Pattern Detected for Qep Resources In (NYSE:QEP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Qep Resources In (NYSE:QEP) based on the price action in the company's shares. Yesterday's price range of $2.85 and $3.05 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 Qep Resources In may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Qep Resources In (NYSE:QEP) has potential upside of 387.7% based on a current price of $3.04 and analysts' consensus price target of $14.80. The stock should run into initial resistance at its 50-day moving average (MA) of $3.75 and subsequent resistance at its 200-day MA of $4.85.

In the past 52 weeks, Qep Resources In share prices have been bracketed by a low of $2.69 and a high of $8.54 and closed yesterday at $3.04, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 1.6%.

QEP Resources, Inc. operates as an independent natural gas, oil exploration, and production company. The Company focused in the Rocky Mountain and Midcontinent regions of the United States. QEP also gathers, compresses, treats, and processes natural gas.

SmarTrend is tracking the current trend status for Qep Resources In and will alert subscribers who have QEP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle qep resources in

Ticker(s): QEP