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Possible Bullish Inside Day Candle Pattern Detected for Newfield Exploration (NYSE:NFX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Newfield Exploration (NYSE:NFX) based on the price action in the company's shares. Today's price range of $45.60 and $46.06 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 Newfield Exploration may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Newfield Exploration has traded in a range of $20.84 to $46.78 and is now at $45.76, 120% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.1% while the 200-day MA has remained constant.

Newfield Exploration (NYSE:NFX) is currently priced 0.6% above its average consensus analyst price target of $45.50. The stock should discover initial support at its 200-day moving average (MA) of $33.23 and subsequent support at its 50-day MA of $33.10.

Newfield Exploration Company is an independent oil and gas company which explores, develops, and acquires oil and natural gas properties. The Company operates in the Gulf of Mexico, in the onshore United States Gulf Coast, within the North Sea, within Malaysia, and in the Bohai Bay in China.

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

Keywords: bullish inside day candle Newfield Exploration

Ticker(s): NFX