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Possible Bullish Inside Day Candle Pattern Detected for SM Energy (NYSE:SM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in SM Energy (NYSE:SM) based on the price action in the company's shares. Today's price range of $33.00 and $33.85 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 SM Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, SM Energy share prices have been bracketed by a low of $6.99 and a high of $60.28 and are now at $33.56, 380% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 9.0% while the 200-day MA has slid 0.5%.

St. Mary Land & Exploration Company is an independent energy company that explores for and produces natural gas and crude oil. The Company's operations are focused in the Mid-Continent region, the Arkansas/Louisiana/Texas region, south Louisiana, the Williston Basin, and the Permian Basin.

There is potential upside of 36.8% for shares of SM Energy based on a current price of $33.56 and an average consensus analyst price target of $45.92. The stock should find initial support at its 200-day moving average (MA) of $25.88 and further support at its 50-day MA of $20.57.

SmarTrend recommended that subscribers consider buying shares of SM Energy on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.01. Since that recommendation, shares of SM Energy have risen 9.2%. We continue to monitor SM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle sm energy

Ticker(s): SM