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

By Shiri Gupta

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. Yesterday's price range of $19.06 and $19.06 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 Matador Resource 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, Matador Resource share prices have been bracketed by a low of $13.97 and a high of $35.22 and closed yesterday at $19.06, 36% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.8%.

Matador Resource (NYSE:MTDR) has potential upside of 99.4% based on a current price of $19.06 and analysts' consensus price target of $38.00. The stock should find resistance at its 200-day moving average (MA) of $25.74, as well as support at its 50-day MA of $18.64.

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 tracking the current trend status for Matador Resource and will alert subscribers who have MTDR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle matador resource

Ticker(s): MTDR