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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in The Southern Co (NYSE:SO) based on the price action in the company's shares. Today's price range of $48.10 and $48.47 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 The 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.

The Southern Co (NYSE:SO) is currently priced 3.8% above its average consensus analyst price target of $46.29. The stock should hit resistance at its 50-day moving average (MA) of $50.07, as well as support at its 200-day MA of $46.66.

Over the past year, The Southern Co has traded in a range of $41.40 to $51.79 and is now at $48.10, 16% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

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 tracking the current trend status for The Southern Co and will alert subscribers who have SO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle the southern co

Ticker(s): SO