• Return to Headlines

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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eog Resources (NYSE:EOG) based on the price action in the company's shares. Yesterday's price range of $106.36 and $108.86 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 Eog 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.

In the past 52 weeks, shares of Eog Resources have traded between a low of $95.67 and a high of $133.53 and closed yesterday at $107.12, which is 12% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

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.

Eog Resources has overhead space with shares priced $107.12, or 17.0% below the average consensus analyst price target of $129.11. The stock should run into initial resistance at its 200-day moving average (MA) of $116.08 and subsequent resistance at its 50-day MA of $120.05.

SmarTrend recommended that its subscribers protect gains by selling shares of Eog Resources on October 11th, 2018 by issuing a Downtrend alert when the shares were trading at $123.15. Since that call, shares of Eog Resources have fallen 13.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle EOG Resources

Ticker(s): EOG