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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $51.95 and $52.28 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 Cimarex Energy C may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cimarex Energy C (NYSE:XEC) has potential upside of 159.5% based on a current price of $51.74 and analysts' consensus price target of $134.28. Cimarex Energy C shares should encounter resistance at the 200-day moving average (MA) of $53.43 and support at the 50-day MA of $46.84.

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.

Cimarex Energy C share prices have moved between a 52-week high of $77.10 and a 52-week low of $37.19 and closed yesterday at 39% above that low price at $51.74 per share. The 200-day and 50-day moving averages have moved 0.52% lower and 1.10% higher over the past week, respectively.

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 9.0%. We continue to monitor XEC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle cimarex energy c

Ticker(s): XEC