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After Yesterday's Rally of 1.06% Shares Could Potentially Pullback

By Amy Schwartz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $112.49 to a high of $114.18. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $112.48 on volume of 652,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Concho Resources has traded in a range of $106.73 to $147.55 and is now at $113.27, 6% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on August 3rd, 2017 by issuing a Downtrend alert when the shares were trading at $120.29. Since that call, shares of Concho Resources have fallen 7.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders concho resources

Ticker(s): CXO