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Possible Bullish Inside Day Candle Pattern Detected for Cimarex Energy C (NYSE:XEC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cimarex Energy C (NYSE:XEC) based on the price action in the company's shares. Yesterday's price range of $41.82 and $42.68 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 Cimarex Energy C may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cimarex Energy Co. explores and produces crude oil and natural gas in the United States. The Company conducts its activities in the States of Oklahoma, Kansas, Louisiana, and Texas.

Cimarex Energy C share prices have moved between a 52-week high of $76.74 and a 52-week low of $37.19 and closed yesterday at 13% above that low price at $41.99 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.8%.

There is potential upside of 219.8% for shares of Cimarex Energy C based on a current price of $41.99 and an average consensus analyst price target of $134.28. The stock should run into initial resistance at its 50-day moving average (MA) of $49.19 and subsequent resistance at its 200-day MA of $51.09.

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

Keywords: bullish am inside day candle cimarex energy c

Ticker(s): XEC