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After Yesterday's Rally of 4.07% Shares Could Potentially Pullback

By David Diaz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $114.42 to a high of $118.39. Yesterday, the shares gained 4.1%, which took the trading range above the 3-day high of $117.79 on volume of 1.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend is tracking the current trend status for Concho Resources and will alert subscribers who have CXO in their portfolio or watchlist when shares have changed trend direction.

Over the past year, Concho Resources has traded in a range of $69.94 to $134.13 and is now at $116.04, 66% above that low. The 200-day and 50-day moving averages have moved 0.13% higher and 1.23% higher over the past week, respectively.

Keywords: rebounders concho resources

Ticker(s): CXO