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

By Nick Russo

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 $57.56 and $58.09 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.

In the past 52 weeks, shares of Contl Res Inc/Ok have traded between a low of $29.08 and a high of $60.30 and are now at $57.90, which is 99% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 5.2%.

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.

Contl Res Inc/Ok (NYSE:CLR) is currently priced 4.7% above its average consensus analyst price target of $55.19. The stock should find initial support at its 50-day moving average (MA) of $31.03 and further support at its 200-day MA of $29.26.

SmarTrend recommended that subscribers consider buying shares of Contl Res Inc/Ok on October 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.06. Since that recommendation, shares of Contl Res Inc/Ok have risen 45.6%. 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