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Possible Bullish Inside Day Candle Pattern Detected for Cheniere Energy Partners LP (AMEX:CQP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cheniere Energy Partners LP (AMEX:CQP) based on the price action in the company's shares. Yesterday's price range of $32.50 and $33.18 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. Traders and investors interested in shares of Cheniere Energy Partners LP may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cheniere Energy Partners LP share prices have moved between a 52-week high of $49.30 and a 52-week low of $17.75 and closed yesterday at 85% above that low price at $32.77 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.4%.

Potential upside of 30.1% exists for Cheniere Energy Partners LP, based on a current level of $32.77 and analysts' average consensus price target of $42.62. The stock should hit resistance at its 200-day moving average (MA) of $38.68, as well as support at its 50-day MA of $28.83.

SmarTrend is tracking the current trend status for Cheniere Energy Partners LP and will alert subscribers who have CQP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amex:cqp cheniere energy partners lp

Ticker(s): CQP