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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 $21.94 and $22.26 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.

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.

Potential upside of 31.9% exists for Cabot Oil & Gas, based on a current level of $22.01 and analysts' average consensus price target of $29.04. The stock should hit resistance at its 50-day moving average (MA) of $22.54, as well as support at its 200-day MA of $21.55.

In the past 52 weeks, shares of Cabot Oil & Gas have traded between a low of $14.88 and a high of $35.64 and are now at $22.01, which is 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.5%.

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

Keywords: bullish inside day candle cabot oil & gas

Ticker(s): COG