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Possible Bullish Inside Day Candle Pattern Detected for Continental Resources (NYSE:CLR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Continental Resources (NYSE:CLR) based on the price action in the company's shares. Today's price range of $33.46 and $34.19 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 Continental Resources may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Continental Resources has overhead space with shares priced $33.77, or 45.0% below the average consensus analyst price target of $61.35. The stock should discover initial support at its 50-day moving average (MA) of $31.03 and subsequent support at its 200-day MA of $29.26.

Continental Resources, Inc. and its subsidiaries explore, exploit, develop, and acquire oil and gas reserves, primarily in the Rocky Mountains and the MidContinent, as well as in the Gulf Coast region of Texas and Louisiana. The Company also owns and operates natural gas pipelines, gathering systems, and processing plants.

Continental Resources share prices have moved between a 52-week high of $60.30 and a 52-week low of $13.94 and are now trading 142% above that low price at $33.77 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 5.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Continental Resources on December 13th, 2016 by issuing a Downtrend alert when the shares were trading at $53.05. Since that call, shares of Continental Resources have fallen 37.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Continental Resources

Ticker(s): CLR