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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in QEP Resources (NYSE:QEP) based on the price action in the company's shares. Today's price range of $18.54 and $18.97 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 QEP Resources 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 has overhead space with shares priced $18.57, or 8.9% below the average consensus analyst price target of $20.38. The stock should discover initial support at its 50-day moving average (MA) of $13.78 and subsequent support at its 200-day MA of $13.40.

In the past 52 weeks, shares of QEP Resources have traded between a low of $8.54 and a high of $23.46 and are now at $18.57, which is 117% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 4.2%.

QEP Resources Inc. explores for oil and natural gas in the United States. The Company also gathers and processes natural gas, operates a natural gas storage facility, and markets oil and natural gas.

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

Keywords: bullish inside day candle qep resources

Ticker(s): QEP