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Bearish Moving Average Cross by Concho Resources (CXO)

By Amy Schwartz

Today, shares of Concho Resources (NYSE:CXO) have fallen below their 10-day MA of $123.54 on a volume of 239K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, Concho Resources has traded in a range of $69.94 to $147.55 and is now at $123.25, 76% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on May 30th, 2017 by issuing a Downtrend alert when the shares were trading at $129.18. Since that call, shares of Concho Resources have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses concho resources

Ticker(s): CXO