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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 $4.25 and $4.45 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 286.6% exists for Callon Petroleum, based on a current level of $4.37 and analysts' average consensus price target of $16.89. The stock should find resistance at its 200-day moving average (MA) of $6.07, as well as support at its 50-day MA of $4.26.

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.

Callon Petroleum share prices have moved between a 52-week high of $10.73 and a 52-week low of $3.69 and closed yesterday at 18% above that low price at $4.37 per share. The 200-day and 50-day moving averages have moved 1.44% lower and 0.88% higher over the past week, respectively.

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