• Return to Headlines

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

By Amy Schwartz

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 $10.44 and $10.62 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.

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.

Callon Petroleum has overhead space with shares priced $10.54, or 42.2% below the average consensus analyst price target of $18.24. The stock should find initial support at its 50-day moving average (MA) of $8.71 and further support at its 200-day MA of $8.10.

Over the past year, Callon Petroleum has traded in a range of $9.34 to $18.53 and is now at $10.54, 13% above that low. The 200-day and 50-day moving averages have moved 0.89% higher and 4.18% higher over the past week, respectively.

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

Keywords: bearish inside day candle callon petroleum

Ticker(s): CPE