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Possible Bullish Inside Day Candle Pattern Detected for Edison Intl (NYSE:EIX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Edison Intl (NYSE:EIX) based on the price action in the company's shares. Yesterday's price range of $55.82 and $56.42 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 Edison Intl may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Edison Intl share prices have been bracketed by a low of $43.63 and a high of $78.93 and closed yesterday at $56.33, 29% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 2.06% lower over the past week, respectively.

Edison International, through its subsidiaries, develops, acquires, owns, and operates electric power generation facilities worldwide. The Company also provides capital and financial services for energy and infrastructure projects, as well as manages and sells real estate projects. Edison provides integrated energy services, utility outsourcing, and consumer products.

There is potential upside of 23.7% for shares of Edison Intl based on a current price of $56.33 and an average consensus analyst price target of $69.68. Edison Intl shares should first meet resistance at the 50-day moving average (MA) of $58.68 and find additional resistance at the 200-day MA of $69.24.

SmarTrend recommended that subscribers consider buying shares of Edison Intl on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.41. Since that recommendation, shares of Edison Intl have risen 4.3%. We continue to monitor EIX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle edison intl

Ticker(s): EIX