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Possible Bullish Inside Day Candle Pattern Detected for Ugi Corp (NYSE:UGI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ugi Corp (NYSE:UGI) based on the price action in the company's shares. Yesterday's price range of $41.84 and $43.08 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 Ugi Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

UGI Corporation distributes and markets energy products and services. The Company is a domestic and international distributor of propane. UGI offers natural gas and electricity and sells related products and services in the Middle Atlantic region of the United States.

Ugi Corp has overhead space with shares priced $42.41, or 15.2% below the average consensus analyst price target of $50.00. Ugi Corp shares should first meet resistance at the 50-day moving average (MA) of $48.40 and find additional resistance at the 200-day MA of $51.69.

Ugi Corp share prices have moved between a 52-week high of $59.31 and a 52-week low of $40.52 and closed yesterday at 5% above that low price at $42.41 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ugi Corp on October 16th, 2019 by issuing a Downtrend alert when the shares were trading at $47.97. Since that call, shares of Ugi Corp have fallen 13.6%. 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 ugi corp

Ticker(s): UGI