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

By Shiri Gupta

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 $1.10 and $1.22 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 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.

Potential upside of 2,084.8% exists for Sm Energy Co, based on a current level of $1.39 and analysts' average consensus price target of $30.37. Sm Energy Co shares should first meet resistance at the 50-day moving average (MA) of $7.61 and find additional resistance at the 200-day MA of $9.40.

Sm Energy Co share prices have moved between a 52-week high of $18.92 and a 52-week low of $0.90 and closed yesterday at 54% above that low price at $1.39 per share. Over the past week, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 9.9%.

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