Cabot Oil & Gas Formed a Bearish Engulfing Candle
Published on Wednesday, 18 July 2012 04:57 Written by TradersHuddle Wire
New York, July 18th (TradersHuddle.com) - Shares of Cabot Oil & Gas Corporation (NYSE:COG) ended the trading session lower by $0.27 or -0.67% from its previous close. Cabot's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Cabot Oil & Gas Corporation (NYSE:COG) is an independent oil and gas company that develops, explores, and extracts oil and gas in 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.
Cabot's current stock range is determined by calculated support defined at $38.21 and by the resistance level at $40.88, which should be used by traders planning their next move.
If traders want to establish a position in Cabot Oil & Gas, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Cabot Oil & Gas for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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