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Possible Bullish Inside Day Candle Pattern Detected for Cabot Oil & Gas (NYSE:COG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cabot Oil & Gas (NYSE:COG) based on the price action in the company's shares. Today's price range of $24.40 and $24.66 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. Traders and investors interested in shares of Cabot Oil & Gas may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Cabot Oil & Gas share prices have been bracketed by a low of $14.88 and a high of $35.64 and are now at $24.56, 65% above that low price. The 200-day and 50-day moving averages have moved 0.45% lower and 1.41% higher over the past week, respectively.

Cabot Oil & Gas Corporation is an independent oil and gas company that develops, exploits, and explores oil and gas properties located in North America. The Company holds interests Appalachian Basin, onshore Gulf Coast, including south and east Texas and north Louisiana, the Rocky Mountains and the Anadarko Basin as well as in the deep gas basin of Western Canada.

There is potential upside of 18.2% for shares of Cabot Oil & Gas based on a current price of $24.56 and an average consensus analyst price target of $29.04. Cabot Oil & Gas shares have support at the 50-day moving average (MA) of $22.54 and additional support at the 200-day MA of $21.55.

SmarTrend is tracking the current trend status for Cabot Oil & Gas and will alert subscribers who have COG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle cabot oil & gas

Ticker(s): COG