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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. Yesterday's price range of $128.38 and $131.04 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 Inc. acquires, develops and explores for oil and natural gas properties in the Permian Basin area of Southeast New Mexico and West Texas.

In the past 52 weeks, shares of Concho Resources have traded between a low of $123.63 and a high of $163.11 and closed yesterday at $130.34, which is 5% above that low price. The 200-day and 50-day moving averages have moved 0.25% lower and 0.96% lower over the past week, respectively.

There is potential upside of 43.1% for shares of Concho Resources based on a current price of $130.34 and an average consensus analyst price target of $186.50. The stock should run into initial resistance at its 50-day moving average (MA) of $142.37 and subsequent resistance at its 200-day MA of $143.19.

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 am inside day candle concho resources

Ticker(s): CXO