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Possible Bullish Inside Day Candle Pattern Detected for Renewable Energy (NASDAQ:REGI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Renewable Energy (NASDAQ:REGI) based on the price action in the company's shares. Yesterday's price range of $23.05 and $23.47 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 Renewable Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Renewable Energy Group Inc. produces biofuels and renewable chemicals. The Company develops, distributes, sells, and provides logistics for biodiesel and renewable chemical production. Renewable Energy Group serves companies throughout the United States.

Based on a current price of $23.06, Renewable Energy is currently 28.4% above its average consensus analyst price target of $16.50. The stock should find initial resistance at its 50-day moving average (MA) of $24.29 and further resistance at its 200-day MA of $24.87.

Renewable Energy share prices have moved between a 52-week high of $32.52 and a 52-week low of $12.50 and closed yesterday at 84% above that low price at $23.06 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 1.7%.

SmarTrend is tracking the current trend status for Renewable Energy and will alert subscribers who have REGI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle renewable energy

Ticker(s): REGI