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Possible Bearish Inside Day Candle Pattern Detected for Cimarex Energy C (NYSE:XEC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cimarex Energy C (NYSE:XEC) based on the price action in the company's shares. Today's price range of $66.68 and $66.68 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 Cimarex Energy C 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 101.4% for shares of Cimarex Energy C based on a current price of $66.68 and an average consensus analyst price target of $134.28. The stock should find initial resistance at its 50-day moving average (MA) of $69.45 and further resistance at its 200-day MA of $78.91.

Cimarex Energy Co. explores for and produces crude oil and natural gas in the United States. The Company conducts activities primarily in Oklahoma, Kansas, Louisiana, and Texas.

Over the past year, Cimarex Energy C has traded in a range of $55.62 to $103.91 and is now at $66.68, 20% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.7%.

SmarTrend is tracking the current trend status for Cimarex Energy C and will alert subscribers who have XEC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle cimarex energy c

Ticker(s): XEC