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Possible Bearish Inside Day Candle Pattern Detected for Ugi Corp (NYSE:UGI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ugi Corp (NYSE:UGI) based on the price action in the company's shares. Yesterday's price range of $29.35 and $30.79 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 Ugi Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ugi Corp has traded in a range of $21.75 to $55.17 and closed yesterday at $30.39, 40% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has slid 0.7%.

Ugi Corp (NYSE:UGI) has potential upside of 64.5% based on a current price of $30.39 and analysts' consensus price target of $50.00. The stock should hit resistance at its 200-day moving average (MA) of $41.70, as well as support at its 50-day MA of $28.92.

UGI Corporation distributes and markets energy products and services. The Company is a domestic and international distributor of propane. UGI offers natural gas and electricity and sells related products and services in the Middle Atlantic region of the United States.

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

Keywords: bearish am inside day candle ugi corp

Ticker(s): UGI