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

By Nick Russo

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 $30.00 and $31.00 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 (NYSE:STNG) defies analysts with a current price ($30.48) 85.7% above its average consensus price target of $4.36. The stock should hit resistance at its 50-day moving average (MA) of $30.95, as well as support at its 200-day MA of $25.48.

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

In the past 52 weeks, Scorpio Tankers share prices have been bracketed by a low of $0.16 and a high of $36.85 and closed yesterday at $30.48, 18,950% above that low price. Over the past week, the 200-day moving average (MA) has gone up 2.4% while the 50-day MA has advanced 2.1%.

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

Keywords: bullish am inside day candle scorpio tankers

Ticker(s): STNG