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Possible Bullish Inside Day Candle Pattern Detected for Callon Petroleum (NYSE:CPE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Callon Petroleum (NYSE:CPE) based on the price action in the company's shares. Yesterday's price range of $2.82 and $2.92 is within the prior day'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 Callon Petroleum may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 489.7% exists for Callon Petroleum, based on a current level of $2.86 and analysts' average consensus price target of $16.89. The stock should find initial resistance at its 50-day moving average (MA) of $3.97 and further resistance at its 200-day MA of $4.98.

In the past 52 weeks, Callon Petroleum share prices have been bracketed by a low of $2.87 and a high of $8.52 and closed yesterday at $2.86, -0% above that low price. The 200-day and 50-day moving averages have moved 1.6% lower and 1.29% lower over the past week, respectively.

Callon Petroleum Company is an independent energy company. The Company focused on the acquisition, development, exploration, and operation of oil and gas properties. Callon Petroleum serves customers in the United States.

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

Keywords: bullish am inside day candle callon petroleum

Ticker(s): CPE