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Possible Bullish Inside Day Candle Pattern Detected for Carrizo Oil & Gas (NASDAQ:CRZO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Carrizo Oil & Gas (NASDAQ:CRZO) based on the price action in the company's shares. Today's price range of $34.70 and $35.18 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 Carrizo 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.

Carrizo Oil & Gas has overhead space with shares priced $34.99, or 28.9% below the average consensus analyst price target of $49.21. The stock should discover initial support at its 200-day moving average (MA) of $32.15 and subsequent support at its 50-day MA of $30.23.

Carrizo Oil & Gas share prices have moved between a 52-week high of $56.26 and a 52-week low of $16.10 and are now trading 117% above that low price at $34.99 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 3.2%.

Carrizo Oil & Gas, Inc. explores for and produces natural gas and crude oil. The Company develops and exploits onshore properties along the Texas and Louisiana Gulf Coast regions.

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

Keywords: bullish inside day candle carrizo oil & gas

Ticker(s): CRZO