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Possible Bearish Inside Day Candle Pattern Detected for Southern Co (NYSE:SO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Southern Co (NYSE:SO) based on the price action in the company's shares. Today's price range of $59.69 and $60.09 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 Southern Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $58.99, Southern Co is currently 19.6% above its average consensus analyst price target of $47.44. Southern Co shares should first meet resistance at the 200-day moving average (MA) of $60.74 and find additional resistance at the 50-day MA of $61.08.

The Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and internet access services, as well as wholesales fiber optic solutions.

Southern Co share prices have moved between a 52-week high of $71.10 and a 52-week low of $41.96 and are now trading 41% above that low price at $58.99 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.6%.

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

Keywords: bearish inside day candle southern co

Ticker(s): SO