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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $20.14 and $20.76 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 Cabot Oil & Gas may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Cabot Oil & Gas has traded in a range of $13.06 to $27.42 and closed yesterday at $20.44, 57% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 3.7%.

Cabot Oil & Gas has overhead space with shares priced $20.44, or 30.1% below the average consensus analyst price target of $29.24. The stock should discover initial support at its 200-day moving average (MA) of $17.40 and subsequent support at its 50-day MA of $16.98.

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.

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: bullish am inside day candle cabot oil & gas

Ticker(s): COG