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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. Yesterday's price range of $102.04 and $104.59 is within the prior day'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 $160.81 and a 52-week low of $93.31 and closed yesterday at 10% above that low price at $102.58 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.4%.

Concho Resources Inc., an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent. The company was founded in 2006 and is headquartered in Midland, Texas.

Potential upside of 81.8% exists for Concho Resources, based on a current level of $102.58 and analysts' average consensus price target of $186.50. Concho Resources shares should first meet resistance at the 50-day moving average (MA) of $108.38 and find additional resistance at the 200-day MA of $120.98.

SmarTrend is monitoring the recent change of momentum in Concho Resources. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Concho Resources in search of a potential trend change.

Keywords: bearish am inside day candle concho resources

Ticker(s): CXO