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Possible Bearish Inside Day Candle Pattern Detected for Newfield Explora (NYSE:NFX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Newfield Explora (NYSE:NFX) based on the price action in the company's shares. Today's price range of $28.81 and $29.07 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 Newfield Explora may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Newfield Explora (NYSE:NFX) has potential upside of 36.7% based on a current price of $28.89 and analysts' consensus price target of $39.50. The stock should run into initial resistance at its 50-day moving average (MA) of $42.04 and subsequent resistance at its 200-day MA of $42.44.

In the past 52 weeks, shares of Newfield Explora have traded between a low of $22.72 and a high of $50.00 and are now at $28.89, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.14% higher and 1.36% lower over the past week, respectively.

Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company's domestic areas of operation include the Mid-Continent, the Rocky Mountains. Newfield has international operations in China.

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

Keywords: bearish inside day candle newfield explora

Ticker(s): NFX