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Possible Bullish Inside Day Candle Pattern Detected for Scorpio Tankers (NYSE:STNG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Scorpio Tankers (NYSE:STNG) based on the price action in the company's shares. Yesterday's price range of $36.93 and $38.90 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 Scorpio Tankers may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Scorpio Tankers Inc. operates as a shipping company. The Company provides seaborne transportation of crude oil and other petroleum products. Scorpio Tankers serves customers worldwide.

Scorpio Tankers (NYSE:STNG) is currently priced 88.6% above its average consensus analyst price target of $4.36. The stock should find initial support at its 50-day moving average (MA) of $34.94 and further support at its 200-day MA of $28.95.

In the past 52 weeks, Scorpio Tankers share prices have been bracketed by a low of $0.19 and a high of $40.45 and closed yesterday at $38.33, 20,074% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Scorpio Tankers on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.45. Since that recommendation, shares of Scorpio Tankers have risen 80.1%. We continue to monitor STNG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle scorpio tankers

Ticker(s): STNG