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

By Nick Russo

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 $114.82 and $114.82 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.

Concho Resources share prices have moved between a 52-week high of $163.11 and a 52-week low of $93.31 and are now trading 23% above that low price at $114.82 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.5%.

Concho Resources (NYSE:CXO) has potential upside of 62.4% based on a current price of $114.82 and analysts' consensus price target of $186.50. Concho Resources shares should encounter resistance at the 200-day moving average (MA) of $128.12 and support at the 50-day MA of $110.08.

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 is tracking the current trend status for Concho Resources and will alert subscribers who have CXO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle concho resources

Ticker(s): CXO