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Concho Resources Rises 2.28% on Heavy Volume: Watch For Potential Pullback

By Amy Schwartz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $144.83 to a high of $149.74. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $148.49 on volume of 752,000 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 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.

In the past 52 weeks, shares of Concho Resources have traded between a low of $106.73 and a high of $163.11 and are now at $149.59, which is 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.6%.

Keywords: rebounders concho resources

Ticker(s): CXO