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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. Yesterday's price range of $87.07 and $88.59 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.

EOG Resources has overhead space with shares priced $88.52, or 21.0% 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.

Over the past year, EOG Resources has traded in a range of $57.15 to $109.37 and closed yesterday at $88.52, 55% 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.

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.

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 9.1%. 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