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Possible Bearish Inside Day Candle Pattern Detected for Cabot Oil & Gas (NYSE:COG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cabot Oil & Gas (NYSE:COG) based on the price action in the company's shares. Yesterday's price range of $17.28 and $17.48 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. Owners of Cabot Oil & Gas may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cabot Oil & Gas Corporation is an independent oil and gas company that develops, exploits, and explores oil and gas properties located in North America. The Company holds interests Appalachian Basin, onshore Gulf Coast, including south and east Texas and north Louisiana, the Rocky Mountains and the Anadarko Basin as well as in the deep gas basin of Western Canada.

In the past 52 weeks, shares of Cabot Oil & Gas have traded between a low of $15.61 and a high of $27.65 and closed yesterday at $17.19, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.7%.

Potential upside of 70.1% exists for Cabot Oil & Gas, based on a current level of $17.19 and analysts' average consensus price target of $29.24. The stock should find resistance at its 200-day moving average (MA) of $20.53, as well as support at its 50-day MA of $17.08.

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

Keywords: bearish am inside day candle cabot oil & gas

Ticker(s): COG