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Possible Bearish Inside Day Candle Pattern Detected for Sempra Energy (NYSE:SRE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sempra Energy (NYSE:SRE) based on the price action in the company's shares. Yesterday's price range of $134.41 and $135.72 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 Sempra Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sempra Energy is an energy services holding company with operations throughout the United States, Mexico, and other countries in South America. The Company, through its subsidiaries, generates electricity, delivers natural gas, operates natural gas pipelines and storage facilities, and operates a wind power generation project.

Over the past year, Sempra Energy has traded in a range of $100.49 to $135.91 and closed yesterday at $134.41, 34% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.

Based on a current price of $134.41, Sempra Energy is currently 11.9% above its average consensus analyst price target of $118.38. The stock should find initial support at its 50-day moving average (MA) of $127.63 and further support at its 200-day MA of $118.30.

SmarTrend recommended that subscribers consider buying shares of Sempra Energy on February 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $117.60. Since that recommendation, shares of Sempra Energy have risen 14.3%. We continue to monitor SRE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Sempra Energy

Ticker(s): SRE