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

By David Diaz

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 $25.74 and $26.15 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.

There is potential upside of 79.2% for shares of Carrizo Oil & Gas based on a current price of $26.02 and an average consensus analyst price target of $46.64. Carrizo Oil & Gas shares should first meet resistance at the 50-day moving average (MA) of $30.23 and find additional resistance at the 200-day MA of $32.15.

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.

In the past 52 weeks, shares of Carrizo Oil & Gas have traded between a low of $16.10 and a high of $56.26 and are now at $26.02, which is 62% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.2% while the 200-day MA has slid 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Carrizo Oil & Gas on February 2nd, 2017 by issuing a Downtrend alert when the shares were trading at $34.37. Since that call, shares of Carrizo Oil & Gas have fallen 25.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle carrizo oil & gas

Ticker(s): CRZO