Callon Petroleum Company (CPE) Technical Analysis 15/09/2017

Callon Petroleum Company (NYSE:CPE) gained 0.78% in yesterday’s session, going up from its prior closing price of $10.95 to $11.04, and has now recorded rally in 5 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 7 of the last 10 days and has generated 10.24% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 2.19 million more shares exchanged hands compared with prior day. In total, 12.09 M shares exchanged hands for about $133.39 million.

Inside CPE’s Recent Trend

Callon Petroleum Company (CPE) with 90% probability for the price to range between $9.35 and $11.26 in this timeframe. Investors sometime notices large volume spikes after a breaking of the horizontal base, and stocks rarely experience a roller coaster ride from the bottom of a trend. Stocks jumping at a middle end of a horizontal base are therefore followed in search of a potential runner.

Callon Petroleum Company Technical Signals

CPE has witnessed its long term and short term MA triggering a buy signal but chances are low for long-term averages to cross above short-term averages which the market considers a major buy signal. Upon corrections, the price will meet support from the averages between $10.37 and $10.40. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Friday September 08, 2017, which calls for additional surge until the stock forms a new pivot point high. There was increase in both volume and price. This is usually interpreted as a good sign as traders widely believe rising stock should see increasing volume.

Callon Petroleum Company (NYSE:CPE) Support And Resistance Levels

Callon Petroleum Company (CPE) recorded volume accumulation so there will probably be a surplus of buyers at $10.95. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $11.04, $11.32 and $11.39.

Accumulated volume is going to prevent the price from rising further at $11.04 and this action will lead the price to take a temporary pause or stay muted for a few days.

Callon Petroleum Company (CPE) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.70 (6.62%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 6.14%.

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