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Possible Bullish Inside Day Candle Pattern Detected for Portland General (NYSE:POR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Portland General (NYSE:POR) based on the price action in the company's shares. Yesterday's price range of $46.17 and $49.62 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 Portland General may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Portland General (NYSE:POR) is currently priced 16.2% above its average consensus analyst price target of $40.94. The stock should run into initial resistance at its 200-day moving average (MA) of $56.25 and subsequent resistance at its 50-day MA of $58.47.

In the past 52 weeks, Portland General share prices have been bracketed by a low of $44.68 and a high of $63.08 and closed yesterday at $48.83, 9% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Portland General Electric Company is an electric utility involved in the generation, purchase, transmission, distribution, and sale of electricity in Oregon. The Company also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers.

SmarTrend recommended that its subscribers protect gains by selling shares of Portland General on February 27th, 2020 by issuing a Downtrend alert when the shares were trading at $59.01. Since that call, shares of Portland General have fallen 17.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle portland general

Ticker(s): POR