COG closes higher for the 4th day in a row
Cabot Oil & Gas Corporation (COG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, COG finished Wednesday at 19.30 surging $0.62 (3.32%), notably outperforming the S&P 500 (-0.46%). Today's close at 19.30 marks the highest recorded closing price since August 24th.
Daily Candlestick Chart (COG as at Sep 16, 2020):
Wednesday's trading range has been $0.63 (3.32%), that's above the last trading month's daily average range of $0.54. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for COG.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 100-day moving average at 19.04 for the first time since August 25th. When this moving average was crossed above the last time on July 31st, COG gained 2.25% on the following trading day. Prices are trading close to the key technical resistance level at 19.68 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Cabot Oil. Out of 68 times, COG closed lower 52.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after six trading days, showing a win rate of 64.71% with an average market move of -0.32%.