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

By Shiri Gupta

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 $52.88 and $53.19 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 12.5% above its average consensus analyst price target of $46.29. The Southern Co shares have support at the 50-day moving average (MA) of $50.07 and additional support at the 200-day MA of $46.66.

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.

In the past 52 weeks, shares of The Southern Co have traded between a low of $41.40 and a high of $54.49 and are now at $52.91, which is 28% above that low price. 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%.

SmarTrend recommended that subscribers consider buying shares of The Southern Co on June 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.66. Since that recommendation, shares of The Southern Co have risen 4.3%. We continue to monitor SO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle the southern co

Ticker(s): SO