Pre-Market Analysis on WPX Energy, Denbury Resources, Cobalt International Energy, and Continental Resources

LONDON, March 4, 2013 /PRNewswire/ --

Markets ended their week with a positive note. Previous week saw markets struggling to find direction amongst looming fear of Sequestration. The deadline for the spending cuts is now over and this week, markets may feel some pain as the government may take some tough measures to curtail spending. The Dow Jones closed last week at 14,089.66, up 0.25 percent while NASDAQ was up 0.30 percent to close at 3,169.74. Similarly, S&P also ended at a positive note at 1,518.20, up 0.23 percent. Our research team took a look at the Independent Oil & Gas industry which includes companies like WPX Energy Inc. (NYSE: WPX), Denbury Resources Inc. (NYSE: DNR), Cobalt International Energy Inc. (NYSE: CIE) and Continental Resources Inc. (NYSE: CLR). StockCall has posted free technical research on WPX DNR CIE and CLR which can be downloaded upon sign up at

WPX Energy Inc. shares were up on Friday's trading session, ending the day 0.99 percent up at $14.33. The stock fell to an intra-day low of $14.04, while its intra-day high stood at $14.54. It traded 3.11 million shares for its latest trading session. Despite the upward movement, WPX Energy has lost more than 3.5 percent this year, compared to a gain of 6.45 percent for the S&P 500. The company's shares have strong support at around $14.19, as the stock shows a neutral trend. The stock is trading lower than its 20-day and 50-day moving averages price of $14.41 and $14.40 respectively. Sign up and read the complimentary report on WPX at  

Denbury Resources traded in the range of $17.65 and $18.04 in Friday's trading session and ended the day at $17.86, down 1.43 percent. The stock's 52 weeks range stands at $13.13 and $20.42. Denbury Resources has lost 9.75 percent of its value in the past 12 months, while it gained 10.25 percent so far this year. The company is in bullish mode and may find its first support level at $17.31. The stock may face resistance at $18.23. It is trading below its 20-day moving average of $18.49.  The free report on DNR can be downloaded by signing up now at  

Shares of Cobalt International Energy ended its previous trading session marginally down at $24.56, down 0.45 percent. The stock remained flat so far this year, lagging behind the broad market. It traded 1.82 million shares during in Friday's trading session, in comparison to its usual trading volume of 3.65 million shares. The stock has slipped from $24.75 resistance level. It has support at around $24.48 at the moment. Cobalt International Energy is trading below its 6-day and 20-day moving averages. Free report on CIE can be accessed by registering at  

Continental Resources stock is in a bullish mode and is trading above its 50-day SMA of $85.71. It ended Friday's session 2.49 percent lower at $85.81. Additionally, it oscillated in the range of $85.28 and $87.11 during the session. The stock trades at Price/Earnings ratio of 20.98 and its beta is 1.82. The company is expected to face its first resistance level at $86.62, while its first support level is at $83.54. Upon breaching its first resistance level, the stock may go as high as $91.09. Register with StockCall and download the research on CLR for free at  

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