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Possible Bullish Inside Day Candle Pattern Detected for Earthstone Ene-A (NYSE:ESTE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Earthstone Ene-A (NYSE:ESTE) based on the price action in the company's shares. Yesterday's price range of $4.65 and $4.84 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 Earthstone Ene-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Earthstone Energy Inc. acquires, exploits, develops, and operates oil and natural gas properties. The Company's exploration activities are located in the North Dakota and Montana portions of the Williston basin, the Denver-Julesburg basin of Colorado, the southern portions of Texas, and along the on-shore portions of the Gulf Coast.

Earthstone Ene-A has overhead space with shares priced $4.69, or 69.9% below the average consensus analyst price target of $15.60. The stock should find initial resistance at its 200-day moving average (MA) of $5.11 and further resistance at its 50-day MA of $5.45.

Over the past year, Earthstone Ene-A has traded in a range of $3.00 to $7.94 and closed yesterday at $4.69, 56% above that low. The 200-day and 50-day moving averages have moved 0.79% lower and 0.1% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Earthstone Ene-A and will alert subscribers who have ESTE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle earthstone ene-a

Ticker(s): ESTE