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Possible Bullish Inside Day Candle Pattern Detected for Whiting Petroleu (NYSE:WLL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Whiting Petroleu (NYSE:WLL) based on the price action in the company's shares. Yesterday's price range of $3.71 and $4.01 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 Whiting Petroleu may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 1,188.5% for shares of Whiting Petroleu based on a current price of $3.71 and an average consensus analyst price target of $47.87. The stock should run into initial resistance at its 50-day moving average (MA) of $5.77 and subsequent resistance at its 200-day MA of $11.26.

Over the past year, Whiting Petroleu has traded in a range of $3.77 to $30.94 and closed yesterday at $3.71, -1% above that low. Over the past week, the 200-day moving average (MA) has gone down 3.2% while the 50-day MA has declined 1.5%.

Whiting Petroleum Corporation operates as an oil and gas exploration company. The Company acquires, explores, produces, and supplies petroleum products. Whiting Petroleum serves customers in the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Whiting Petroleu on January 21st, 2020 by issuing a Downtrend alert when the shares were trading at $5.45. Since that call, shares of Whiting Petroleu have fallen 32.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle whiting petroleu

Ticker(s): WLL