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Look for Shares of Concho Resources to Potentially Pullback after Yesterday's 2.70% Rise

By Amy Schwartz

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.

In the past 52 weeks, Concho Resources share prices have been bracketed by a low of $69.94 and a high of $143.60 and are now at $140.60, 101% above that low price. 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%.

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.

Keywords: rebounders concho resources

Ticker(s): CXO