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

By James Quinn

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 $54.18 and $57.57 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.

There is potential upside of 25.9% for shares of Edison Intl based on a current price of $55.36 and an average consensus analyst price target of $69.68. The stock should find initial resistance at its 50-day moving average (MA) of $68.50 and further resistance at its 200-day MA of $70.35.

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 $55.36, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.4% while the 200-day MA has slid 0.3%.

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.

SmarTrend is monitoring the recent change of momentum in Edison Intl. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Edison Intl in search of a potential trend change.

Keywords: bearish am inside day candle edison intl

Ticker(s): EIX