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Possible Bearish Inside Day Candle Pattern Detected for Pinnacle West (NYSE:PNW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pinnacle West (NYSE:PNW) based on the price action in the company's shares. Yesterday's price range of $86.24 and $86.85 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 Pinnacle West may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pinnacle West share prices have moved between a 52-week high of $99.81 and a 52-week low of $81.63 and closed yesterday at 6% above that low price at $86.63 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has remained constant.

Pinnacle West Capital Corporation is a utility holding company. The Company, through its subsidiary, provides retail and wholesale electric service to most of the State of Arizona. Pinnacle West Capital through a subsidiary, also is involved in real estate development activities in the western United States.

Based on a current price of $86.63, Pinnacle West is currently 3.3% above its average consensus analyst price target of $83.75. The stock should run into initial resistance at its 50-day moving average (MA) of $91.45 and subsequent resistance at its 200-day MA of $93.85.

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

Keywords: bearish am inside day candle pinnacle west

Ticker(s): PNW