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Possible Bearish Inside Day Candle Pattern Detected for Wpx Energy (NYSE:WPX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wpx Energy (NYSE:WPX) based on the price action in the company's shares. Today's price range of $14.51 and $14.69 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 Wpx Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

WPX Energy Inc. is an independent natural gas and oil exploration and production company. The Company is focused on its natural gas reserve base and related NGLs in the Piceance Basin of the Rocky Mountain region, the Bakken Shale oil play in North Dakota, and the Marcellus Shale natural gas play in Pennsylvania.

In the past 52 weeks, shares of Wpx Energy have traded between a low of $8.23 and a high of $16.17 and are now at $14.66, which is 78% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 5.9%.

Wpx Energy (NYSE:WPX) has potential upside of 34.3% based on a current price of $14.66 and analysts' consensus price target of $19.69. The stock should discover initial support at its 50-day moving average (MA) of $6.90 and subsequent support at its 200-day MA of $6.84.

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

Keywords: bearish inside day candle wpx energy

Ticker(s): WPX