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Bearish Moving Average Cross by Concho Resources (CXO)

By James Quinn

Today, shares of Concho Resources (NYSE:CXO) have crossed bearishly below their 10-day moving average of $129.62 on a volume of 349K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Concho Resources share prices have been bracketed by a low of $106.73 and a high of $163.11 and are now at $129.28, 21% above that low price. The 200-day and 50-day moving averages have moved 0.21% higher and 0.23% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on May 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $143.90. Since that call, shares of Concho Resources have fallen 8.7%. 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