CRZO closes within previous day's range after lackluster session
Carrizo Oil & Gas Inc. (CRZO) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
CRZO ended the week 4.03% higher at 12.92 after losing $0.07 (-0.54%) today, but still slightly outperforming the S&P 500 (-0.58%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CRZO as at May 17, 2019):
Friday's trading range has been $0.61 (4.77%), that's below the last trading month's daily average range of $0.77. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CRZO.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on February 26th, CRZO actually lost -5.44% on the following trading day.
Prices are trading close to the key technical support level at 12.56 (S1). Unable to break through the key technical resistance level at 13.01 (R1), the market closed below it after spiking up to 13.30 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move lower than 12.70 in the prior session, Carrizo Oil found buyers again around the same price level today at 12.69.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 13.95, upside momentum might accelerate should the share be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Carrizo Oil. Out of 448 times, CRZO closed lower 55.58% 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 10 trading days, showing a win rate of 52.90% with an average market move of -0.73%.