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Possible Bullish Inside Day Candle Pattern Detected for Spectra Energ (NYSE:SE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Spectra Energ (NYSE:SE) based on the price action in the company's shares. Yesterday's price range of $11.15 and $11.60 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 Spectra Energ may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 58.5% for shares of Spectra Energ based on a current price of $11.46 and an average consensus analyst price target of $18.16. The stock should find initial resistance at its 200-day moving average (MA) of $28.06 and further resistance at its 50-day MA of $30.33.

Spectra Energy Corporation provides utility services. The Company transmits, stores, distributes, gathers, and processes natural gas. Spectra Energy serves clients in North America.

Spectra Energ share prices have moved between a 52-week high of $44.00 and a 52-week low of $10.61 and closed yesterday at 8% above that low price at $11.46 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Spectra Energ on October 20th, 2017 by issuing a Downtrend alert when the shares were trading at $15.50. Since that call, shares of Spectra Energ have fallen 28.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle spectra energ

Ticker(s): SE