Cabot Oil & Gas Close to the 50 Day

Published on Wednesday, 17 March 2010 18:28 Written by TradersHuddle Staff

New York, March 17th (TradersHuddle.com) - Shares of Cabot Oil & Gas Corporation (NYSE:COG) closed the trading day at $41.62 very close to its 50 day moving average currently set at $41.2986. Cabot's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $40.06 and calculated resistance at $42.25. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Cabot Oil & Gas will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.