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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ship Finance (NYSE:SFL) based on the price action in the company's shares. Yesterday's price range of $12.59 and $12.79 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 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 share prices have moved between a 52-week high of $15.10 and a 52-week low of $10.31 and closed yesterday at 24% above that low price at $12.76 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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

Ship Finance has overhead space with shares priced $12.76, or 8.9% below the average consensus analyst price target of $14.00. The stock should find initial support at its 50-day moving average (MA) of $12.62 and further support at its 200-day MA of $12.40.

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

Keywords: bullish am inside day candle ship finance

Ticker(s): SFL