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Possible Bearish Inside Day Candle Pattern Detected for Matador Resource (NYSE:MTDR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Matador Resource (NYSE:MTDR) based on the price action in the company's shares. Today's price range of $19.60 and $19.60 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 Matador Resource 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 93.9% exists for Matador Resource, based on a current level of $19.60 and analysts' average consensus price target of $38.00. The stock should find resistance at its 200-day moving average (MA) of $24.09, as well as support at its 50-day MA of $19.35.

Over the past year, Matador Resource has traded in a range of $13.97 to $35.22 and is now at $19.60, 40% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.4%.

Matador Resources Company is an independent energy company engaged in the exploration, development, production, and acquisition of oil and natural gas resources. The Company's operations are primarily in the Eagle Ford Shale in south Texas and the Haynesville Shale and Cotton Valley in northwest Louisiana and east Texas.

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

Keywords: bearish inside day candle matador resource

Ticker(s): MTDR