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Concho Resources Falls 3.31% on Heavy Volume: Watch For Potential Rebound

By Shiri Gupta

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $138.09 to a high of $142.57. Yesterday, the shares fell 3.3%, which took the trading range below the 3-day low of $138.37 on volume of 416,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Concho Resources has traded in a range of $123.63 to $163.11 and is now at $138.48, 12% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

SmarTrend is monitoring the recent change of momentum in Concho Resources. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Concho Resources in search of a potential trend change.

Keywords: rebounders concho resources

Ticker(s): CXO