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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Spectra Energy (NYSE:SE) based on the price action in the company's shares. Yesterday's price range of $36.14 and $36.50 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 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.

Spectra Energy Corporation transmits, stores, distributes, gathers, and processes natural gas. The Company provides transportation and storage of natural gas to customers in various regions of the northeastern and southeastern United States, the Maritime Provinces in Canada and the Pacific Northwest in the United States and Canada, and the province of Ontario, Canada.

Spectra Energy (NYSE:SE) defies analysts with a current price ($36.36) 5.9% above its average consensus price target of $34.23. Spectra Energy shares have support at the 50-day moving average (MA) of $30.33 and additional support at the 200-day MA of $28.06.

In the past 52 weeks, Spectra Energy share prices have been bracketed by a low of $21.43 and a high of $37.73 and closed yesterday at $36.36, 70% above that low price. 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 subscribers consider buying shares of Spectra Energy on January 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.99. Since that recommendation, shares of Spectra Energy have risen 45.5%. We continue to monitor SE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Spectra Energy

Ticker(s): SE