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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Southwestern Energy (NYSE:SWN) based on the price action in the company's shares. Today's price range of $7.04 and $7.22 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 Southwestern 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.

Potential upside of 76.0% exists for Southwestern Energy, based on a current level of $7.20 and analysts' average consensus price target of $12.68. The stock should run into initial resistance at its 50-day moving average (MA) of $9.06 and subsequent resistance at its 200-day MA of $10.87.

Southwestern Energy share prices have moved between a 52-week high of $29.61 and a 52-week low of $5.00 and are now trading 44% above that low price at $7.20 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has advanced 4.8%.

Southwestern Energy Company is an independent energy company primarily focused on natural gas and crude oil exploration, development and production (E&P) within the United States. The Company operations also include natural gas gathering, transmission, and marketing, as well as natural gas distribution.

SmarTrend recommended that its subscribers protect gains by selling shares of Southwestern Energy on December 20th, 2016 by issuing a Downtrend alert when the shares were trading at $10.47. Since that call, shares of Southwestern Energy have fallen 33.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle southwestern energy

Ticker(s): SWN