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

By Nick Russo

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 $7.72 and $7.72 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.

Potential upside of 118.8% exists for Callon Petroleum, based on a current level of $7.72 and analysts' average consensus price target of $16.89. Callon Petroleum shares should first meet resistance at the 50-day moving average (MA) of $7.81 and find additional resistance at the 200-day MA of $9.69.

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.

Over the past year, Callon Petroleum has traded in a range of $5.57 to $14.65 and is now at $7.72, 39% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.7%.

SmarTrend is tracking the current trend status for Callon Petroleum and will alert subscribers who have CPE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle callon petroleum

Ticker(s): CPE