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Possible Bullish Inside Day Candle Pattern Detected for Concho Resources (NYSE:CXO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Concho Resources (NYSE:CXO) based on the price action in the company's shares. Yesterday's price range of $126.21 and $128.91 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. Traders and investors interested in shares of Concho Resources may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Concho Resources (NYSE:CXO) has potential upside of 29.2% based on a current price of $127.46 and analysts' consensus price target of $164.71. The stock should find initial support at its 50-day moving average (MA) of $104.57 and further support at its 200-day MA of $101.95.

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 $69.94 and a high of $147.55 and closed yesterday at $127.46, which is 82% above that low price. The 200-day and 50-day moving averages have moved 0.19% higher and 1.73% higher over the past week, respectively.

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

Keywords: bullish am inside day candle concho resources

Ticker(s): CXO