Coterra Energy Inc. (CTRA) is ready to report their latest quarterly figures to shareholders and analysts after the close of trading Wednesday. Let's check out the charts of this Houston-based oil & gas company.
In the daily bar chart of CTRA, below, I can see that the shares made a peak or zenith back in early June. Prices have oscillated lower the past eight-plus months. CTRA is now trading below the declining 50-day moving average line and below the declining 200-day moving average line.
The On-Balance-Volume (OBV) line has been in a decline from early June but recently has not made a new low when prices made a new low. This may or may not be the start of a bullish divergence. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line telling me that CTRA lacks trend strength.
In the weekly Japanese candlestick chart of CTRA, below, I see a weak picture. Prices are in a longer-term decline below the negatively sloped 40-week moving average line.
The weekly OBV line has been in a decline from early 2022. The MACD oscillator is in a bearish alignment below the zero line.
In this daily Point and Figure chart of CTRA, below, I can see a potential downside price target in the $21 area.
In this weekly Point and Figure chart of CTRA, below, I see a price target in the $19 area.
Bottom-line strategy: I have no special knowledge of what CTRA will tell shareholders Wednesday evening. Prices have come down enough that a bounce could happen at any time but the overall picture is for the potential of further weakness.
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