Carrizo Oil & Gas Is Still Pointed Down

 | Aug 04, 2017 | 10:33 AM EDT
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Carrizo Oil & Gas (CRZO) has worked lower and lower -- and lower -- on the charts. Did I say lower? We last reviewed CRZO back in May, and we were realistic about its prospects, saying, "It would be nice to see CRZO rally and break its five-month downtrend, but we cannot make it happen. The daily chart and the momentum study suggest a turn is coming, but this tool is so far disappointing us."

Here we are back again with another look at the charts and indicators.

In this daily bar chart of CRZO, below, we can see that the downtrend from early December continues. Prices remain below the declining 50-day moving average line and the declining 200-day line. A dead cross of these two average lines back in February has been very effective as the trend continues.

The daily On-Balance-Volume (OBV) line shows some buying in July as the OBV line moved up, but this may have been short-covering. The weaker price action in June and July is not matched with lower lows in the momentum study (bottom panel) and gives us another bullish divergence.

In this weekly bar chart of CRZO, above, we can see that prices are below the declining 40-week moving average line. The weekly OBV line shows a pattern similar to the daily chart. The weekly MACD oscillator is still bearish.

This Point and Figure chart of CRZO, above, shows the long decline with a $13 handle price target.

Bottom line: The trend is still down and a cheap stock can get cheaper.

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