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Bearish Moving Average Cross by Concho Resources (CXO)

By James Quinn

Today, shares of Concho Resources (NYSE:CXO) have fallen below their 10-day MA of $119.70 on a volume of 178K shares. This may provide short-term investors a chance 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 $134.13 and is now at $119.54, 71% above that low. The 200-day and 50-day moving averages have moved 0.19% higher and 1.73% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Concho Resources on April 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $105.35. Since that recommendation, shares of Concho Resources have risen 15.1%. We continue to monitor CXO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses concho resources

Ticker(s): CXO