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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 $80.39 and $81.56 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.

In the past 52 weeks, Pinnacle West share prices have been bracketed by a low of $60.05 and a high of $105.51 and closed yesterday at $79.61, 33% 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 0.8%.

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.

Pinnacle West has overhead space with shares priced $79.61, or 4.9% below the average consensus analyst price target of $83.75. The stock should find initial resistance at its 50-day moving average (MA) of $87.20 and further resistance at its 200-day MA of $91.05.

SmarTrend is monitoring the recent change of momentum in Pinnacle West. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Pinnacle West in search of a potential trend change.

Keywords: bearish am inside day candle pinnacle west

Ticker(s): PNW