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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. Yesterday's price range of $4.61 and $4.73 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. 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.

Potential upside of 260.6% exists for Callon Petroleum, based on a current level of $4.68 and analysts' average consensus price target of $16.89. Callon Petroleum shares should encounter resistance at the 200-day moving average (MA) of $5.65 and support at the 50-day MA of $4.07.

In the past 52 weeks, Callon Petroleum share prices have been bracketed by a low of $3.51 and a high of $8.68 and closed yesterday at $4.68, 33% above that low price. The 200-day and 50-day moving averages have moved 0.81% lower and 0.97% 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 am inside day candle callon petroleum

Ticker(s): CPE