EARN25

Continental Resource Stock's Bull Signal Has Never Been Wrong

CLR is already up more than 45% in 2022

Digital Content Manager
Jul 11, 2022 at 4:05 PM
facebook X logo linkedin


Continental Resources, Inc. (NYSE:CLR) is down 0.9% at $64.63 at last check, but it looks as though this pullback may be short-lived. Up 45.3% year-over-year, the security just reached a June 14, roughly eight-year high of $75.45, after a $25.41 billion buyout offer from founder Harold Hamm. Its latest pullback has placed shares near a trendline with historically bullish implications, though, which may soon push CLR back up the charts, and over a technical level of resistance.

According to Schaeffer's Senior Quantitative Analyst Rocky White's latest study, CLR is now within one standard deviation of its 80-day moving average. The security has seen two similar signals over the last three years, and was higher one month later each time, averaging a 5% gain for that period. A comparable move from its current perch would place it over the $67 level -- an area that has been pressuring the shares lower for nearly two weeks. 

CLR 80 Day

There is plenty of room for analysts to turn bullish on Continental Resources stock. Of the 16 firms in question, 12 carry a tepid "hold" or worse rating. The equity looks ripe for a short squeeze, too, given the 6.28 million shares sold short make up a massive 39.9% of the security's available float, which is more than three days' worth of pent-up buying power.

A sentiment shift in the options pits could benefit the security, too. This per CLR's Schaeffer's put/call open interest ratio (SOIR) of 1.55, which sits higher than all annual readings. In other words, short-term options traders have never been more put-biased.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!