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Possible Bullish Inside Day Candle Pattern Detected for Sm Energy Co (NYSE:SM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sm Energy Co (NYSE:SM) based on the price action in the company's shares. Yesterday's price range of $8.92 and $9.30 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 Sm Energy Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sm Energy Co has overhead space with shares priced $9.19, or 69.7% below the average consensus analyst price target of $30.37. The stock should run into initial resistance at its 50-day moving average (MA) of $9.33 and subsequent resistance at its 200-day MA of $12.80.

Over the past year, Sm Energy Co has traded in a range of $7.00 to $23.12 and closed yesterday at $9.19, 31% above that low. The 200-day and 50-day moving averages have moved 1.92% lower and 0.21% lower over the past week, respectively.

SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil. The Company's operations are focused on The ArkLaTex, Gulf Coast, Mid-Continent, Rocky Mountains, and Permian Basin regions.

SmarTrend is monitoring the recent change of momentum in Sm Energy Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sm Energy Co in search of a potential trend change.

Keywords: bullish am inside day candle sm energy co

Ticker(s): SM