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Possible Bearish Inside Day Candle Pattern Detected for Diamondback Ener (NASDAQ:FANG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Diamondback Ener (NASDAQ:FANG) based on the price action in the company's shares. Today's price range of $108.44 and $109.11 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 Diamondback Ener 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, Diamondback Ener share prices have been bracketed by a low of $85.19 and a high of $140.78 and are now at $108.78, 28% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas.

Diamondback Ener (NASDAQ:FANG) has potential upside of 48.2% based on a current price of $108.78 and analysts' consensus price target of $161.20. The stock should find initial support at its 200-day moving average (MA) of $107.89 and further support at its 50-day MA of $104.32.

SmarTrend is monitoring the recent change of momentum in Diamondback Ener. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Diamondback Ener in search of a potential trend change.

Keywords: bearish inside day candle diamondback ener

Ticker(s): FANG