Coterra Energy Inc. : Bullish trend depleted
By Alexandre Nutte
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$36.17 | $0 | $37.2 | +100% |
From a fundamental viewpoint, the company is trading at a very high level as shown by the « enterprise value/revenue » estimated at 7.35x. Analysts polled by Thomson Reuters are pessimistic as shown by the earnings per share estimates for 2012 regularly downgraded.
Technically, once again the USD 31.2 resistance has been hit, bullish trend seems to be depleted. Two times, the stock has failed to cross up the resistance, therefore this one would seem strong. A new downward trend could happen in the next sessions.
In this case, the strategy would be now to take a short position at the current price and to buy back at USD 32, a convergent point with moving averages. This strategy will be cancelled if the share increases above USD 37.