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Possible Bearish Inside Day Candle Pattern Detected for Callon Petroleum (NYSE:CPE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Callon Petroleum (NYSE:CPE) based on the price action in the company's shares. Today's price range of $10.52 and $10.68 is within yesterday'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. Owners of Callon Petroleum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Callon Petroleum share prices have been bracketed by a low of $9.34 and a high of $14.65 and are now at $10.62, 14% 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 1.1%.

There is potential upside of 59.2% for shares of Callon Petroleum based on a current price of $10.62 and an average consensus analyst price target of $16.89. The stock should run into initial resistance at its 200-day moving average (MA) of $11.67 and subsequent resistance at its 50-day MA of $12.86.

Callon Petroleum Company is an independent energy company. The Company focused on the acquisition, development, exploration, and operation of oil and gas properties. Callon Petroleum serves customers in the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Callon Petroleum on May 24th, 2018 by issuing a Downtrend alert when the shares were trading at $12.74. Since that call, shares of Callon Petroleum have fallen 16.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle callon petroleum

Ticker(s): CPE