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Possible Bearish Inside Day Candle Pattern Detected for Hawaiian Elec (NYSE:HE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hawaiian Elec (NYSE:HE) based on the price action in the company's shares. Yesterday's price range of $37.39 and $38.18 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 Hawaiian Elec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hawaiian Electric Industries, Inc. is a diversified holding company that delivers a variety of services to the people of Hawaii. The Company's subsidiaries offer electric utilities, savings banks, and other businesses, primarily in the state of Hawaii.

Hawaiian Elec (NYSE:HE) is currently priced 10.3% above its average consensus analyst price target of $34.00. Hawaiian Elec shares should first meet resistance at the 50-day moving average (MA) of $41.71 and find additional resistance at the 200-day MA of $44.54.

In the past 52 weeks, shares of Hawaiian Elec have traded between a low of $33.51 and a high of $55.15 and closed yesterday at $37.90, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.1%.

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

Keywords: bearish am inside day candle hawaiian elec

Ticker(s): HE