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Possible Bearish Inside Day Candle Pattern Detected for Stone Energy (NYSE:SGY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stone Energy (NYSE:SGY) based on the price action in the company's shares. Today's price range of $5.30 and $5.58 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 Stone Energy 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, Stone Energy share prices have been bracketed by a low of $0.27 and a high of $25.50 and are now at $5.37, 1,888% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 4% while the 50-day MA has declined 5.4%.

Potential upside of 60.6% exists for Stone Energy, based on a current level of $5.37 and analysts' average consensus price target of $8.62. Stone Energy shares have support at the 200-day moving average (MA) of $4.14 and additional support at the 50-day MA of $1.31.

Stone Energy Corporation is an independent oil and gas company. The Company acquires, explores, develops, and operates oil and gas properties onshore and offshore in the Gulf Coast Basin.

SmarTrend recommended that its subscribers protect gains by selling shares of Stone Energy on October 17th, 2016 by issuing a Downtrend alert when the shares were trading at $9.50. Since that call, shares of Stone Energy have fallen 40.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle stone energy

Ticker(s): SGY