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Look for Shares of Concho Resources to Potentially Pullback after Yesterday's 1.54% Rise

By Nick Russo

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.

In the past 52 weeks, shares of Concho Resources have traded between a low of $106.73 and a high of $162.91 and are now at $153.14, which is 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 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