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Possible Bearish Inside Day Candle Pattern Detected for Nrg Energy (NYSE:NRG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nrg Energy (NYSE:NRG) based on the price action in the company's shares. Yesterday's price range of $30.51 and $31.20 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 Nrg Energy 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, Nrg Energy has traded in a range of $19.54 to $42.56 and closed yesterday at $31.03, 59% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.3%.

Nrg Energy has overhead space with shares priced $31.03, or 13.5% below the average consensus analyst price target of $35.88. The stock should run into initial resistance at its 50-day moving average (MA) of $31.51 and subsequent resistance at its 200-day MA of $36.28.

NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities primarily in the United States. The Company offers energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities.

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

Keywords: bearish am inside day candle NRG Energy

Ticker(s): NRG