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Possible Bearish Inside Day Candle Pattern Detected for Eversource Energ (NYSE:ES)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eversource Energ (NYSE:ES) based on the price action in the company's shares. Yesterday's price range of $71.50 and $75.78 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 Eversource Energ may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Eversource Energ (NYSE:ES) is currently priced 21.1% above its average consensus analyst price target of $62.13. Eversource Energ shares should first meet resistance at the 200-day moving average (MA) of $82.87 and find additional resistance at the 50-day MA of $88.39.

Eversource Energy is a public utility holding company. The Company, through its subsidiaries, provides electric service to customers in Connecticut, New Hampshire, and western Massachusetts. Eversource Energy also distributes natural gas throughout Connecticut.

In the past 52 weeks, shares of Eversource Energ have traded between a low of $60.69 and a high of $99.42 and closed yesterday at $78.74, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Eversource Energ on March 11th, 2020 by issuing a Downtrend alert when the shares were trading at $87.93. Since that call, shares of Eversource Energ have fallen 18.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle eversource energ

Ticker(s): ES