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

By James Quinn

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 $17.33 and $17.65 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.

In the past 52 weeks, Matador Resource share prices have been bracketed by a low of $13.42 and a high of $34.91 and are now at $17.33, 29% above that low price. The 200-day and 50-day moving averages have moved 0.89% lower and 1.53% lower over the past week, respectively.

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.

Matador Resource (NYSE:MTDR) has potential upside of 119.3% based on a current price of $17.33 and analysts' consensus price target of $38.00. The stock should find resistance at its 200-day moving average (MA) of $18.24, as well as support at its 50-day MA of $16.52.

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