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

By David Diaz

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. Today's price range of $88.49 and $89.58 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 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.

EOG Resources share prices have moved between a 52-week high of $101.36 and a 52-week low of $57.15 and are now trading 56% above that low price at $89.39 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

EOG Resources, Inc. explores for, 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.

Potential upside of 4.9% exists for EOG Resources, based on a current level of $89.39 and analysts' average consensus price target of $93.79. The stock should discover initial support at its 200-day moving average (MA) of $75.79 and subsequent support at its 50-day MA of $75.10.

SmarTrend is tracking the current trend status for EOG Resources and will alert subscribers who have EOG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle EOG Resources

Ticker(s): EOG