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Possible Bearish Inside Day Candle Pattern Detected for Carrizo Oil&Gas (NASDAQ:CRZO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Carrizo Oil&Gas (NASDAQ:CRZO) based on the price action in the company's shares. Yesterday's price range of $8.06 and $8.27 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 Carrizo Oil&Gas may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 249.4% for shares of Carrizo Oil&Gas based on a current price of $8.19 and an average consensus analyst price target of $28.61. Carrizo Oil&Gas shares should encounter resistance at the 200-day moving average (MA) of $9.68 and support at the 50-day MA of $7.39.

Carrizo Oil & Gas, Inc. explores for and produces natural gas and crude oil. The Company develops and exploits onshore properties. Carrizo Oil & Gas serves customers in the State of Texas.

In the past 52 weeks, Carrizo Oil&Gas share prices have been bracketed by a low of $6.15 and a high of $13.95 and closed yesterday at $8.19, 33% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.4%.

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

Keywords: bearish am inside day candle carrizo oil&gas

Ticker(s): CRZO