COG runs into sellers again around 17.24
Cabot Oil & Gas Corporation (COG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, COG finished the month -13.41% lower at 17.18 after gaining $0.12 (0.7%) today, underperforming the S&P 500 (1.54%). Trading up to $0.32 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 5th, COG gained 9.55% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (COG as at Jun 30, 2020):
Tuesday's trading range has been $0.48 (2.81%), that's below the last trading month's daily average range of $0.86. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for COG. Prices continued to consolidate within a tight trading range between 16.42 and 17.24 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Takuri Line.
After having been unable to move above 17.22 in the prior session, Cabot Oil ran into sellers again around the same price level today, missing to move higher than 17.24.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 16.42 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Cabot Oil. Out of 58 times, COG closed lower 55.17% of the time on the next trading day after the market condition occurred.