• Return to Headlines

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

By Shiri Gupta

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. Yesterday's price range of $38.43 and $39.21 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 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.

Potential upside of 84.1% exists for Contl Res Inc/Ok, based on a current level of $38.49 and analysts' average consensus price target of $70.86. The stock should run into initial resistance at its 50-day moving average (MA) of $43.96 and subsequent resistance at its 200-day MA of $49.39.

Contl Res Inc/Ok share prices have moved between a 52-week high of $71.95 and a 52-week low of $34.61 and closed yesterday at 11% above that low price at $38.49 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.7%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Contl Res Inc/Ok on May 1st, 2019 by issuing a Downtrend alert when the shares were trading at $45.10. Since that call, shares of Contl Res Inc/Ok have fallen 10.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle contl res inc/ok

Ticker(s): CLR