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

By David Diaz

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 $11.92 and $11.92 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.

Potential upside of 140.0% exists for Carrizo Oil&Gas, based on a current level of $11.92 and analysts' average consensus price target of $28.61. The stock should hit resistance at its 200-day moving average (MA) of $19.71, as well as support at its 50-day MA of $11.82.

Over the past year, Carrizo Oil&Gas has traded in a range of $9.67 to $31.57 and closed yesterday at $11.92, 23% above that low. The 200-day and 50-day moving averages have moved 0.97% lower and 0.13% higher over the past week, respectively.

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.

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