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Possible Bearish Inside Day Candle Pattern Detected for Edison Intl (NYSE:EIX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Edison Intl (NYSE:EIX) based on the price action in the company's shares. Yesterday's price range of $55.56 and $56.69 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. Owners of Edison Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Edison Intl have traded between a low of $43.63 and a high of $78.93 and closed yesterday at $56.82, which is 30% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.5%.

Edison International, through its subsidiaries, develops, acquires, owns, and operates electric power generation facilities worldwide. The Company also provides capital and financial services for energy and infrastructure projects, as well as manages and sells real estate projects. Edison provides integrated energy services, utility outsourcing, and consumer products.

Potential upside of 22.6% exists for Edison Intl, based on a current level of $56.82 and analysts' average consensus price target of $69.68. The stock should find initial resistance at its 50-day moving average (MA) of $56.97 and further resistance at its 200-day MA of $68.88.

SmarTrend is tracking the current trend status for Edison Intl and will alert subscribers who have EIX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle edison intl

Ticker(s): EIX