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

By Shiri Gupta

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. Today's price range of $14.19 and $14.32 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 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.

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.

Ship Finance International (NYSE:SFL) has potential upside of 35.4% based on a current price of $14.28 and analysts' consensus price target of $19.33. The stock should hit resistance at its 200-day moving average (MA) of $15.33, as well as support at its 50-day MA of $14.08.

In the past 52 weeks, shares of Ship Finance International have traded between a low of $9.83 and a high of $17.80 and are now at $14.28, which is 45% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.4%.

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 inside day candle ship finance international

Ticker(s): SFL