• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Northern Oil And (AMEX:NOG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Northern Oil And (AMEX:NOG) based on the price action in the company's shares. Yesterday's price range of $2.75 and $2.78 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 Northern Oil And may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Northern Oil And (AMEX:NOG) is currently priced 5.6% above its average consensus analyst price target of $2.62. The stock should find resistance at its 200-day moving average (MA) of $2.94, as well as support at its 50-day MA of $2.48.

In the past 52 weeks, Northern Oil And share prices have been bracketed by a low of $1.47 and a high of $4.49 and closed yesterday at $2.78, 89% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Northern Oil and Gas, Inc. is an oil and gas exploration and production company. The Company produces petroleum products. Northern Oil and Gas is currently focused on the Rocky Mountain regions of the United States.

SmarTrend recommended that subscribers consider buying shares of Northern Oil And on January 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.41. Since that recommendation, shares of Northern Oil And have risen 13.7%. We continue to monitor NOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle amex:nog northern oil and

Ticker(s): NOG