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Look for Shares of Callon Petroleum to Potentially Pullback after Yesterday's 3.67% Rise

By James Quinn

Callon Petroleum (NYSE:CPE) traded in a range yesterday that spanned from a low of $13.71 to a high of $14.27. Yesterday, the shares gained 3.7%, which took the trading range above the 3-day high of $14.04 on volume of 3.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Callon Petroleum on March 5th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.65. Since that recommendation, shares of Callon Petroleum have risen 17.1%. We continue to monitor CPE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Callon Petroleum share prices have moved between a 52-week high of $18.53 and a 52-week low of $9.34 and are now trading 52% above that low price at $14.18 per share. Over the past week, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 4.2%.

Keywords: rebounders callon petroleum

Ticker(s): CPE