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Possible Bearish Inside Day Candle Pattern Detected for Ppl Corp (NYSE:PPL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ppl Corp (NYSE:PPL) based on the price action in the company's shares. Today's price range of $25.32 and $25.67 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 Ppl Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

PPL Corporation is an energy and utility holding company. The Company, through its subsidiaries, generates electricity from power plants in the northeastern and western United States, and markets wholesale and retail energy primarily in the northeastern and western portions of the United States, and delivers electricity in Pennsylvania and the United Kingdom.

Ppl Corp share prices have moved between a 52-week high of $36.83 and a 52-week low of $18.12 and are now trading 40% above that low price at $25.38 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 3.5%.

Ppl Corp has overhead space with shares priced $25.38, or 19.5% below the average consensus analyst price target of $31.55. The stock should run into initial resistance at its 50-day moving average (MA) of $25.63 and subsequent resistance at its 200-day MA of $31.17.

SmarTrend recommended that subscribers consider buying shares of Ppl Corp on March 26th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.67. Since that recommendation, shares of Ppl Corp have risen 10.3%. We continue to monitor PPL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ppl corp

Ticker(s): PPL