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

By Amy Schwartz

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. Today's price range of $116.76 and $117.91 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. 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 Inc. acquires, develops and explores for oil and natural gas properties in the Permian Basin area of Southeast New Mexico and West Texas.

Concho Resources share prices have moved between a 52-week high of $147.55 and a 52-week low of $69.94 and are now trading 67% above that low price at $116.94 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

Concho Resources has overhead space with shares priced $116.94, or 29.0% below the average consensus analyst 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on May 30th, 2017 by issuing a Downtrend alert when the shares were trading at $129.18. Since that call, shares of Concho Resources have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle concho resources

Ticker(s): CXO