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Possible Bearish Inside Day Candle Pattern Detected for Oneok Inc (NYSE:OKE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oneok Inc (NYSE:OKE) based on the price action in the company's shares. Today's price range of $30.64 and $31.24 is within yesterday'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 Oneok Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Oneok Inc have traded between a low of $12.16 and a high of $78.48 and are now at $31.03, which is 155% above that low price. The 200-day and 50-day moving averages have moved 1.54% lower and 12.14% lower over the past week, respectively.

ONEOK, Inc. is a diversified energy company. The Company is involved in the natural gas and natural gas liquids business across the United States.

There is potential upside of 109.5% for shares of Oneok Inc based on a current price of $31.03 and an average consensus analyst price target of $65.00. Oneok Inc shares should first meet resistance at the 50-day moving average (MA) of $31.47 and find additional resistance at the 200-day MA of $62.19.

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

Keywords: bearish inside day candle oneok inc

Ticker(s): OKE