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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. Today's price range of $119.52 and $121.11 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.

Over the past year, Concho Resources has traded in a range of $69.94 to $134.13 and is now at $120.77, 73% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.2%.

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.

Potential upside of 8.4% exists for Concho Resources, based on a current level of $120.77 and analysts' average consensus price target of $130.88. Concho Resources shares have support at the 50-day moving average (MA) of $104.57 and additional support at the 200-day MA of $101.95.

SmarTrend recommended that subscribers consider buying shares of Concho Resources on April 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $105.35. Since that recommendation, shares of Concho Resources have risen 13.3%. We continue to monitor CXO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle concho resources

Ticker(s): CXO