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Possible Bearish Inside Day Candle Pattern Detected for Wec Energy Group (NYSE:WEC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wec Energy Group (NYSE:WEC) based on the price action in the company's shares. Yesterday's price range of $99.89 and $100.54 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 Wec Energy Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wec Energy Group share prices have moved between a 52-week high of $101.37 and a 52-week low of $73.74 and closed yesterday at 37% above that low price at $101.21 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.5%.

WEC Energy Group, Inc. operates as an electric and natural gas delivery company. The Company manages electric and natural gas distribution and transmission lines, as well as power plants. WEC Energy Group serves customers in Wisconsin, Illinois, Michigan, and Minnesota.

Based on a current price of $101.21, Wec Energy Group is currently 34.5% above its average consensus analyst price target of $66.30. The stock should find initial support at its 50-day moving average (MA) of $94.33 and further support at its 200-day MA of $89.67.

SmarTrend is tracking the current trend status for Wec Energy Group and will alert subscribers who have WEC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle wec energy group

Ticker(s): WEC