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Possible Bearish Inside Day Candle Pattern Detected for Cimarex Energy C (NYSE:XEC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cimarex Energy C (NYSE:XEC) based on the price action in the company's shares. Yesterday's price range of $53.89 and $54.18 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 Cimarex Energy C may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cimarex Energy C has overhead space with shares priced $54.77, or 59.2% below the average consensus analyst price target of $134.28. The stock should find initial support at its 200-day moving average (MA) of $52.99 and further support at its 50-day MA of $47.86.

Cimarex Energy Co. explores and produces crude oil and natural gas in the United States. The Company conducts its activities in the States of Oklahoma, Kansas, Louisiana, and Texas.

In the past 52 weeks, Cimarex Energy C share prices have been bracketed by a low of $37.19 and a high of $77.10 and closed yesterday at $54.77, 47% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of Cimarex Energy C on November 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.61. Since that recommendation, shares of Cimarex Energy C have risen 14.5%. We continue to monitor XEC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cimarex energy c

Ticker(s): XEC