We reviewed the charts of Coterra Energy (CTRA) back on March 2 recommending that, "Traders should continue to hold the long positions recommended last month. Raise stops to $21 from $19.50. The $35 area is our first upside price target now."
With shares of the independent oil and gas company reaching $36 earlier this month another check of the charts is due.
In this daily bar chart of CTRA, below, we can see that the shares traded higher into June with a number of shallow pullbacks or minor corrections along the way. CTRA is currently dipping down towards the rising 50-day moving average line which intersects around $31 or so.
The daily On-Balance-Volume (OBV) shows the beginning of a dip in June and the Moving Average Convergence Divergence (MACD) oscillator has crossed to a take profit sell signal.