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

By Nick Russo

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 $94.00 and $94.95 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, 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.

Over the past year, EOG Resources has traded in a range of $57.15 to $101.36 and is now at $94.92, 66% above that low. The 200-day and 50-day moving averages have moved 0.04% higher and 1.20% higher over the past week, respectively.

Based on a current price of $94.92, EOG Resources is currently 1.2% above its average consensus analyst price target of $93.79. The stock should find initial support at its 200-day moving average (MA) of $75.79 and further support at its 50-day MA of $75.10.

SmarTrend recommended that subscribers consider buying shares of EOG Resources on August 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.76. Since that recommendation, shares of EOG Resources have risen 4.9%. We continue to monitor EOG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle EOG Resources

Ticker(s): EOG