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Possible Bearish Inside Day Candle Pattern Detected for Diamondback Ener (NASDAQ:FANG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Diamondback Ener (NASDAQ:FANG) based on the price action in the company's shares. Today's price range of $29.15 and $30.48 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. Owners of Diamondback Ener may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Diamondback Energy Inc operates as an independent oil and natural gas company currently focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves in the Permian Basin in West Texas.

Potential upside of 430.4% exists for Diamondback Ener, based on a current level of $30.39 and analysts' average consensus price target of $161.20. Diamondback Ener shares should first meet resistance at the 50-day moving average (MA) of $43.46 and find additional resistance at the 200-day MA of $78.37.

In the past 52 weeks, Diamondback Ener share prices have been bracketed by a low of $14.55 and a high of $114.14 and are now at $30.39, 109% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 6%.

SmarTrend is tracking the current trend status for Diamondback Ener and will alert subscribers who have FANG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle diamondback ener

Ticker(s): FANG