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

By Shiri Gupta

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. Today's price range of $74.01 and $74.47 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 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 has overhead space with shares priced $74.39, or 42.4% below the average consensus analyst price target of $129.11. Eog Resources shares should encounter resistance at the 200-day moving average (MA) of $83.78 and support at the 50-day MA of $71.19.

Over the past year, Eog Resources has traded in a range of $64.33 to $107.89 and is now at $74.39, 16% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.4%.

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.

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 3.5%. We continue to monitor EOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle EOG Resources

Ticker(s): EOG