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

By David Diaz

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. Today's price range of $2.76 and $2.76 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 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) defies analysts with a current price ($2.75) 4.7% above its average consensus price target of $2.62. Northern Oil And shares should encounter resistance at the 200-day moving average (MA) of $2.94 and support at the 50-day MA of $2.46.

Over the past year, Northern Oil And has traded in a range of $1.47 to $4.49 and is now at $2.75, 87% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

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 19.1%. We continue to monitor NOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

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

Ticker(s): NOG