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After Yesterday's Rally of 1.25% Shares Could Potentially Pullback

By David Diaz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $116.39 to a high of $118.75. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $118.00 on volume of 771,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Concho Resources have traded between a low of $112.73 and a high of $147.55 and are now at $118.01, which is 5% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on May 30th, 2017 by issuing a Downtrend alert when the shares were trading at $129.18. Since that call, shares of Concho Resources have fallen 10.3%. 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