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

By Amy Schwartz

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 $93.46 and $93.46 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.

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 $93.46, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.2%.

Eog Resources (NYSE:EOG) has potential upside of 38.1% based on a current price of $93.46 and analysts' consensus price target of $129.11. The stock should run into initial resistance at its 50-day moving average (MA) of $95.61 and subsequent resistance at its 200-day MA of $105.52.

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

Keywords: bearish inside day candle EOG Resources

Ticker(s): EOG