• Return to Headlines

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. Today's price range of $10.80 and $11.16 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 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.

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.

Over the past year, Carrizo Oil&Gas has traded in a range of $8.64 to $29.58 and is now at $10.80, 25% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 0.4%.

Potential upside of 164.9% exists for Carrizo Oil&Gas, based on a current level of $10.80 and analysts' average consensus price target of $28.61. Carrizo Oil&Gas shares should encounter resistance at the 200-day moving average (MA) of $13.67 and support at the 50-day MA of $10.67.

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 inside day candle carrizo oil&gas

Ticker(s): CRZO