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

By David Diaz

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 $14.48 and $14.48 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.

Over the past year, Wpx Energy has traded in a range of $9.89 to $20.80 and is now at $14.48, 46% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.4%.

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.

Potential upside of 49.8% exists for Wpx Energy, based on a current level of $14.48 and analysts' average consensus price target of $21.69. The stock should hit resistance at its 200-day moving average (MA) of $15.37, as well as support at its 50-day MA of $12.80.

SmarTrend is monitoring the recent change of momentum in Wpx Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wpx Energy in search of a potential trend change.

Keywords: bearish inside day candle wpx energy

Ticker(s): WPX