More Upside for Cabot Oil & Gas ?

Published on Friday, 26 October 2012 12:34 Written by TradersHuddle Wire

New York, October 26th (TradersHuddle.com) - Shares of Cabot Oil & Gas Corporation (NYSE:COG) booked a new 52 week high today by trading above $47.25, traders are definitely monitoring Cabot's price action to see if this move attracts further buying into the stock.

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 Oil & Gas is currently trading 8.81% versus its previous trading session close, and it has calculated support and resistance at $42.88 and $46.21 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.56% from its previous trading close, which means that Cabot Oil & Gas stock is outperforming the overall market.