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Possible Bullish Inside Day Candle Pattern Detected for Vectren Corp (NYSE:VVC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vectren Corp (NYSE:VVC) based on the price action in the company's shares. Yesterday's price range of $71.75 and $71.86 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 Vectren 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.

Potential upside of 0.2% exists for Vectren Corp, based on a current level of $71.84 and analysts' average consensus price target of $72.00. The stock should find initial support at its 50-day moving average (MA) of $71.61 and further support at its 200-day MA of $69.56.

In the past 52 weeks, shares of Vectren Corp have traded between a low of $58.00 and a high of $71.96 and closed yesterday at $71.84, which is 24% above that low price. The 200-day and 50-day moving averages have moved 0.28% higher and 0.05% higher over the past week, respectively.

Vectren Corporation distributes gas in Indiana and western Ohio and electricity in southern Indiana. The Company's subsidiaries provide energy-related products and services, including energy marketing, fiber-optic telecommunications services, and utility related services. Vectren's services include materials management, debt collection, locating, trenching and meter reading services.

SmarTrend recommended that subscribers consider buying shares of Vectren Corp on February 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.71. Since that recommendation, shares of Vectren Corp have risen 14.6%. We continue to monitor VVC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle vectren corp

Ticker(s): VVC