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Concho Resources Set to Possibly Pullback After Yesterday's Rally of 2.70%

By Shiri Gupta

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $137.90 to a high of $141.41. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $140.45 on volume of 611,000 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 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.

In the past 52 weeks, shares of Concho Resources have traded between a low of $69.94 and a high of $143.60 and are now at $140.60, which is 101% above that low price. Over the past week, 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