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Possible Bearish Inside Day Candle Pattern Detected for Firstenergy Corp (NYSE:FE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Firstenergy Corp (NYSE:FE) based on the price action in the company's shares. Yesterday's price range of $49.78 and $49.87 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 Firstenergy Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Firstenergy Corp has traded in a range of $38.11 to $49.91 and closed yesterday at $50.35, 32% above that low. The 200-day and 50-day moving averages have moved 0.32% higher and 0.38% higher over the past week, respectively.

FirstEnergy Corp. operates as a public utility holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity, as well as offers exploration, production, and distribution of natural gas. FirstEnergy provides energy management and other energy related services.

Firstenergy Corp (NYSE:FE) defies analysts with a current price ($50.35) 24.3% above its average consensus price target of $38.12. The stock should discover initial support at its 50-day moving average (MA) of $47.94 and subsequent support at its 200-day MA of $45.41.

SmarTrend recommended that subscribers consider buying shares of Firstenergy Corp on December 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.21. Since that recommendation, shares of Firstenergy Corp have risen 3.5%. We continue to monitor FE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle firstenergy corp

Ticker(s): FE