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

By Amy Schwartz

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 $42.55 and $42.96 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.

Continental Resources, Inc. explores for, develops, and produces crude oil and natural gas properties primarily in the north, south, and east regions of the United States. The company sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies. As of December 31, 2018, its proved reserves were 1,522 million barrels of crude oil equivalent (MMBoe) with estimated proved developed reserves of 675 MMBoe. Continental Resources, Inc. was founded in 1967 and is based in Oklahoma City, Oklahoma.

There is potential upside of 65.6% for shares of Contl Res Inc/Ok based on a current price of $42.78 and an average consensus analyst price target of $70.86. The stock should find initial resistance at its 50-day moving average (MA) of $44.87 and further resistance at its 200-day MA of $50.65.

Over the past year, Contl Res Inc/Ok has traded in a range of $35.54 to $71.95 and is now at $42.78, 20% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for Contl Res Inc/Ok and will alert subscribers who have CLR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle contl res inc/ok

Ticker(s): CLR