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Possible Bearish Inside Day Candle Pattern Detected for Eog Resources (NYSE:EOG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eog Resources (NYSE:EOG) based on the price action in the company's shares. Yesterday's price range of $79.75 and $80.57 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 Eog Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

EOG Resources, Inc. explores, develops, produces, and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China, and from time to time select other international areas.

Eog Resources has overhead space with shares priced $79.79, or 38.2% below the average consensus analyst price target of $129.11. Eog Resources shares should encounter resistance at the 200-day moving average (MA) of $83.11 and support at the 50-day MA of $72.31.

Eog Resources share prices have moved between a 52-week high of $107.89 and a 52-week low of $64.33 and closed yesterday at 24% above that low price at $79.79 per share. The 200-day and 50-day moving averages have moved 0.34% lower and 1.13% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Eog Resources on October 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.01. Since that recommendation, shares of Eog Resources have risen 11.9%. We continue to monitor EOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle EOG Resources

Ticker(s): EOG