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

By Shiri Gupta

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 $89.20 and $89.34 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 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 (NYSE:CXO) has potential upside of 110.0% based on a current price of $88.80 and analysts' consensus price target of $186.50. The stock should find initial support at its 200-day moving average (MA) of $87.27 and further support at its 50-day MA of $78.33.

Concho Resources share prices have moved between a 52-week high of $126.54 and a 52-week low of $61.37 and closed yesterday at 45% above that low price at $88.80 per share. The 200-day and 50-day moving averages have moved 0.34% lower and 1.83% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Concho Resources on October 30th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.28. Since that recommendation, shares of Concho Resources have risen 26.8%. We continue to monitor CXO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle concho resources

Ticker(s): CXO