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Bearish Moving Average Cross by Concho Resources (CXO)

By Amy Schwartz

Concho Resources (NYSE:CXO) shares have crossed bearishly below their 10-day moving average of $129.78 on a volume of 447K 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 $112.73 and a high of $147.55 and are now at $128.30, 14% above that low price. 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 subscribers consider buying shares of Concho Resources on July 5th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $122.13. Since that recommendation, shares of Concho Resources have risen 7.1%. 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