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Possible Bearish Inside Day Candle Pattern Detected for Whiting Petroleu (NYSE:WLL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Whiting Petroleu (NYSE:WLL) based on the price action in the company's shares. Yesterday's price range of $25.09 and $25.37 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 Whiting Petroleu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Whiting Petroleu has overhead space with shares priced $25.21, or 47.3% below the average consensus analyst price target of $47.87. The stock should run into initial resistance at its 50-day moving average (MA) of $27.09 and subsequent resistance at its 200-day MA of $39.29.

Whiting Petroleum Corporation engages in the acquisition, exploration, development, and production of crude oil, natural gas liquids, and natural gas primarily in the Rocky Mountains region of the United States.

In the past 52 weeks, shares of Whiting Petroleu have traded between a low of $18.37 and a high of $56.47 and closed yesterday at $25.21, which is 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 1.3%.

SmarTrend is tracking the current trend status for Whiting Petroleu and will alert subscribers who have WLL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle whiting petroleu

Ticker(s): WLL