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.
In the weekly Japanese candlestick chart of CTRA, below, we can see that the shares emerged on the upside from a large base. Prices are pulling back but should probably find buying interest (support) around $30.
The weekly OBV line has been moving sideways to higher since October. The MACD oscillator is in a bullish alignment but shows some recent narrowing.
In this daily Point and Figure chart of CTRA, below, we can see a price target on the downside in the $27 area and we also see a band of support just below the market.
In this weekly Point and Figure chart of CTRA, below, we used a five-box reversal filter. Here a price target of $54 appears.
Bottom-line strategy: Traders who are long CTRA from our earlier recommendation could raise sell stops to $27 from $21. Our next upside price target is the $54.
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