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Possible Bearish Inside Day Candle Pattern Detected for Contl Res Inc/Ok (NYSE:CLR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Contl Res Inc/Ok (NYSE:CLR) based on the price action in the company's shares. Today's price range of $56.48 and $57.19 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 Contl Res Inc/Ok may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Contl Res Inc/Ok has traded in a range of $29.08 to $60.30 and is now at $57.17, 97% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.2% while the 200-day MA has remained constant.

Contl Res Inc/Ok has overhead space with shares priced $57.17, or 9.5% below the average consensus analyst price target of $63.19. Contl Res Inc/Ok shares have support at the 50-day moving average (MA) of $31.03 and additional support at the 200-day MA of $29.26.

Continental Resources, Inc., based in Oklahoma City, is focused on the exploration and production of on-shore oil-prone plays in the United States. The Company concentrates its leasehold and production strategies in the Bakken of North Dakota and Montana, as well as Oklahoma in its recently discovered SCOOP play and the Northwest Cana play.

SmarTrend recommended that subscribers consider buying shares of Contl Res Inc/Ok on February 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.81. Since that recommendation, shares of Contl Res Inc/Ok have risen 7.2%. We continue to monitor CLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle contl res inc/ok

Ticker(s): CLR