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Possible Bullish Inside Day Candle Pattern Detected for Contango Oil & G (AMEX:MCF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Contango Oil & G (AMEX:MCF) based on the price action in the company's shares. Yesterday's price range of $2.23 and $2.38 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 Contango Oil & G may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Contango Oil & G have traded between a low of $0.85 and a high of $7.32 and closed yesterday at $2.31, which is 172% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.0% while the 200-day MA has slid 0.4%.

Contango Oil & Gas Company operates as an independent oil and natural gas company. The Company explores, develops, exploits, produces, and acquires crude oil and natural gas properties. Contango Oil & Gas serves customers in the United States.

Contango Oil & G has overhead space with shares priced $2.31, or 57.9% below the average consensus analyst price target of $5.48. The stock should find resistance at its 200-day moving average (MA) of $2.54, as well as support at its 50-day MA of $1.51.

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

Keywords: bullish am inside day candle amex:mcf contango oil & g

Ticker(s): MCF