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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 $88.87 and $90.15 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 has overhead space with shares priced $90.14, or 19.5% below the average consensus analyst price target of $112.00. 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.

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.

In the past 52 weeks, shares of EOG Resources have traded between a low of $57.15 and a high of $109.37 and are now at $90.14, which is 58% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of EOG Resources on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $97.38. Since that call, shares of EOG Resources have fallen 9.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle EOG Resources

Ticker(s): EOG