• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Pattern Ener (NASDAQ:PEGI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pattern Ener (NASDAQ:PEGI) based on the price action in the company's shares. Yesterday's price range of $27.47 and $27.66 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 Pattern Ener may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $27.52, Pattern Ener is currently 22.3% above its average consensus analyst price target of $21.38. Pattern Ener shares have support at the 50-day moving average (MA) of $27.19 and additional support at the 200-day MA of $24.06.

In the past 52 weeks, shares of Pattern Ener have traded between a low of $17.52 and a high of $28.50 and closed yesterday at $27.52, which is 57% above that low price. The 200-day and 50-day moving averages have moved 0.54% higher and 0.05% higher over the past week, respectively.

Pattern Energy Group, Inc. is an independent power company focused on owning and operating power projects with stable long-term cash flows in attractive markets with potential for continued growth of our business. The Company owns interests in wind power projects located in the United States, Canada, and Chile.

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

Keywords: bearish am inside day candle pattern ener

Ticker(s): PEGI