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Possible Bullish Inside Day Candle Pattern Detected for Ship Finance International (NYSE:SFL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ship Finance International (NYSE:SFL) based on the price action in the company's shares. Yesterday's price range of $14.19 and $14.32 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 Ship Finance International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 35.4% exists for Ship Finance International, based on a current level of $14.28 and analysts' average consensus price target of $19.33. Ship Finance International shares should encounter resistance at the 200-day moving average (MA) of $15.33 and support at the 50-day MA of $14.08.

Ship Finance International share prices have moved between a 52-week high of $17.80 and a 52-week low of $9.83 and closed yesterday at 45% above that low price at $14.28 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.4%.

Ship Finance International Ltd. owns, and charters out, ships. The Company's fleet includes crude oil tankers, oil/bulk/ore vessels, dry bulk carriers, and jack up oil rigs.

SmarTrend recommended that subscribers consider buying shares of Ship Finance International on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.56. Since that recommendation, shares of Ship Finance International have risen 11.4%. We continue to monitor SFL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle ship finance international

Ticker(s): SFL