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Possible Bullish Inside Day Candle Pattern Detected for Southern Co (NYSE:SO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Southern Co (NYSE:SO) based on the price action in the company's shares. Yesterday's price range of $60.35 and $61.00 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 Southern Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Southern Co (NYSE:SO) is currently priced 21.8% above its average consensus analyst price target of $47.44. Southern Co shares should encounter resistance at the 50-day moving average (MA) of $61.70 and support at its 200-day MA of $56.78.

In the past 52 weeks, shares of Southern Co have traded between a low of $42.50 and a high of $63.29 and closed yesterday at $60.69, which is 43% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

The Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and internet access services, as well as wholesales fiber optic solutions.

SmarTrend is monitoring the recent change of momentum in Southern Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Southern Co in search of a potential trend change.

Keywords: bullish am inside day candle southern co

Ticker(s): SO