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Possible Bullish Inside Day Candle Pattern Detected for Carrizo Oil & Gas (NASDAQ:CRZO)

Published on Fri, 01/11/2013 - 08:28
By Peter Chu

Analyzing the price chart for Carrizo Oil & Gas (NASDAQ:CRZO) has revealed a potential bullish inside day candle pattern. Yesterday's price range of $19.71 and $20.24 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 Carrizo 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.

In the past 52 weeks, Carrizo Oil & Gas share prices have been bracketed by a low of $19.03 and a high of $31.62 and closed yesterday at $20.23, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.9%.

Carrizo Oil & Gas, Inc. explores for and produces natural gas and crude oil. The Company develops and exploits onshore properties along the Texas and Louisiana Gulf Coast regions.

Carrizo Oil & Gas (NASDAQ:CRZO) has potential upside of 56.9% based on a current price of $20.23 and analysts' consensus price target of $31.75. The stock should find initial resistance at its 50-day moving average (MA) of $21.61 and further resistance at its 200-day MA of $24.32.

By Peter Chu
pchu@fnno.com

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