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Possible Bearish Inside Day Candle Pattern Detected for Concho Resources (NYSE:CXO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Concho Resources (NYSE:CXO) based on the price action in the company's shares. Today's price range of $132.26 and $134.04 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Concho Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 40.5% exists for Concho Resources, based on a current level of $132.73 and analysts' average consensus price target of $186.50. The stock should find initial resistance at its 200-day moving average (MA) of $142.51 and further resistance at its 50-day MA of $146.31.

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 $132.73, 24% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.6%.

Concho Resources Inc. acquires, develops and explores for oil and natural gas properties in the Permian Basin area of Southeast New Mexico and West Texas.

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 7.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle concho resources

Ticker(s): CXO