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Concho Resources Set to Possibly Pullback After Yesterday's Rally of 1.54%

By James Quinn

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $149.79 to a high of $153.79. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $151.48 on volume of 1.2 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 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.

Concho Resources share prices have moved between a 52-week high of $162.91 and a 52-week low of $106.73 and are now trading 43% above that low price at $153.14 per share. 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%.

Keywords: rebounders concho resources

Ticker(s): CXO