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Possible Bearish Inside Day Candle Pattern Detected for Pub Serv Enterp (NYSE:PEG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pub Serv Enterp (NYSE:PEG) based on the price action in the company's shares. Yesterday's price range of $51.90 and $52.65 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 Pub Serv Enterp 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 Pub Serv Enterp have traded between a low of $34.75 and a high of $63.88 and closed yesterday at $51.66, which is 49% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

Pub Serv Enterp (NYSE:PEG) has potential upside of 4.8% based on a current price of $51.66 and analysts' consensus price target of $54.14. The stock should hit resistance at its 200-day moving average (MA) of $57.74, as well as support at its 50-day MA of $50.89.

Public Service Enterprise Group Incorporated is a public utility holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity and produces natural gas in the Northeastern and Mid Atlantic United States.

SmarTrend is tracking the current trend status for Pub Serv Enterp and will alert subscribers who have PEG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pub serv enterp

Ticker(s): PEG