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Possible Bullish Inside Day Candle Pattern Detected for TC PipeLines LP (NYSE:TCP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in TC PipeLines LP (NYSE:TCP) based on the price action in the company's shares. Yesterday's price range of $32.16 and $33.64 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 TC PipeLines 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.

In the past 52 weeks, shares of TC PipeLines LP have traded between a low of $18.00 and a high of $44.65 and closed yesterday at $33.43, which is 86% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.2%.

TC Pipelines, LP acquires, owns, and participates in the management of United States-based pipeline assets. The Company owns interest in the Northern Border Pipeline Company, the owner of an interstate pipeline system that transports natural gas from the Montana-Saskatchewan border to natural gas markets in the Midwestern United States.

Based on a current price of $33.43, TC PipeLines LP is currently 14.0% above its average consensus analyst price target of $28.75. TC PipeLines LP shares should encounter resistance at the 200-day moving average (MA) of $37.49 and support at the 50-day MA of $30.94.

SmarTrend is tracking the current trend status for TC PipeLines LP and will alert subscribers who have TCP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle tc pipelines lp

Ticker(s): TCP