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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Whiting Petroleum (NYSE:WLL) based on the price action in the company's shares. Today's price range of $8.32 and $8.61 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 Whiting Petroleum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Whiting Petroleum Corporation is involved in oil and natural gas exploitation, acquisition, and exploration activities. The Company focuses on lower risk, long-lived oil and natural gas properties located primarily in the Gulf Coast/Permian Basin, Rocky Mountains, Michigan, and Mid-Continent regions of the United States.

Whiting Petroleum share prices have moved between a 52-week high of $39.15 and a 52-week low of $3.35 and are now trading 152% above that low price at $8.45 per share. The 200-day and 50-day moving averages have moved 2.36% lower and 6.11% higher over the past week, respectively.

Whiting Petroleum (NYSE:WLL) has potential upside of 68.1% based on a current price of $8.45 and analysts' consensus price target of $14.20. The stock should run into initial resistance at its 50-day moving average (MA) of $8.69 and subsequent resistance at its 200-day MA of $12.90.

SmarTrend recommended that its subscribers protect gains by selling shares of Whiting Petroleum on March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $9.74. Since that call, shares of Whiting Petroleum have fallen 11.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle whiting petroleum

Ticker(s): WLL