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

By Nick Russo

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 $15.43 and $15.57 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.

Matador Resource (NYSE:MTDR) has potential upside of 146.3% based on a current price of $15.43 and analysts' consensus price target of $38.00. The stock should find initial resistance at its 50-day moving average (MA) of $17.40 and further resistance at its 200-day MA of $19.13.

In the past 52 weeks, shares of Matador Resource have traded between a low of $13.42 and a high of $34.91 and are now at $15.43, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 1.1%.

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 recommended that its subscribers protect gains by selling shares of Matador Resource on July 18th, 2019 by issuing a Downtrend alert when the shares were trading at $17.41. Since that call, shares of Matador Resource have fallen 9.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle matador resource

Ticker(s): MTDR