Concho Resources Bearish Moving Average Crossover Alert (CXO)
Today, shares of Concho Resources (NYSE:CXO) have crossed bearishly below their 10-day moving average of $115.36 on a volume of 134K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Concho Resources share prices have moved between a 52-week high of $134.13 and a 52-week low of $69.94 and are now trading 64% above that low price at $114.81 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.2%.
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 11.1%. 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