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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 $89.70 and $89.85 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, 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.

There is potential upside of 43.9% for shares of Eog Resources based on a current price of $89.75 and an average consensus analyst price target of $129.11. The stock should find initial resistance at its 50-day moving average (MA) of $95.60 and further resistance at its 200-day MA of $110.14.

In the past 52 weeks, shares of Eog Resources have traded between a low of $82.04 and a high of $133.53 and are now at $89.75, which is 9% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Eog Resources on February 7th, 2019 by issuing a Downtrend alert when the shares were trading at $93.75. Since that call, shares of Eog Resources have fallen 4.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle EOG Resources

Ticker(s): EOG