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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. Yesterday's price range of $7.28 and $7.69 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 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, Inc. explores for and produces natural gas and crude oil. The Company develops and exploits onshore properties. Carrizo Oil & Gas serves customers in the State of Texas.

Carrizo Oil&Gas share prices have moved between a 52-week high of $19.58 and a 52-week low of $6.88 and closed yesterday at 10% above that low price at $7.55 per share. The 200-day and 50-day moving averages have moved 0.89% lower and 0.51% lower over the past week, respectively.

Potential upside of 279.0% exists for Carrizo Oil&Gas, based on a current level of $7.55 and analysts' average consensus price target of $28.61. Carrizo Oil&Gas shares should first meet resistance at the 50-day moving average (MA) of $8.08 and find additional resistance at the 200-day MA of $10.23.

SmarTrend is tracking the current trend status for Carrizo Oil&Gas and will alert subscribers who have CRZO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle carrizo oil&gas

Ticker(s): CRZO