COG runs into sellers around 22.12 for the third day in a row
Cabot Oil & Gas (COG) Technical Analysis Report for Sep 14, 2018
COG finished the week 0.37% higher at 21.92 after losing $0.15 (-0.68%) today on low volume. Trading $0.12 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.33 (1.5%), that's below last trading month's daily average range of $0.46. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
Prices are trading close to the key resistance level at 22.20. The stock ran into sellers again today around 22.12 for the third trading day in a row after having found sellers at 22.19 in the prior session and at 22.20 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 22.20 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 21.48 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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