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Possible Bullish Inside Day Candle Pattern Detected for Wec Energy Group (NYSE:WEC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wec Energy Group (NYSE:WEC) based on the price action in the company's shares. Yesterday's price range of $99.96 and $100.01 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 Wec Energy Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

WEC Energy Group, Inc. operates as an electric and natural gas delivery company. The Company manages electric and natural gas distribution and transmission lines, as well as power plants. WEC Energy Group serves customers in Wisconsin, Illinois, Michigan, and Minnesota.

In the past 52 weeks, shares of Wec Energy Group have traded between a low of $71.72 and a high of $101.37 and closed yesterday at $100.00, which is 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

Wec Energy Group (NYSE:WEC) is currently priced 33.7% above its average consensus analyst price target of $66.30. The stock should discover initial support at its 50-day moving average (MA) of $93.59 and subsequent support at its 200-day MA of $89.32.

SmarTrend is tracking the current trend status for Wec Energy Group and will alert subscribers who have WEC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle wec energy group

Ticker(s): WEC