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Look for Shares of Concho Resources to Potentially Rebound after Yesterday's 1.31% Sell Off

By David Diaz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $127.80 to a high of $129.65. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $128.00 on volume of 352,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on February 22nd, 2017 by issuing a Downtrend alert when the shares were trading at $135.89. Since that call, shares of Concho Resources have fallen 4.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Concho Resources share prices have moved between a 52-week high of $147.55 and a 52-week low of $69.94 and are now trading 84% above that low price at $128.78 per share. The 200-day and 50-day moving averages have moved 0.19% higher and 1.73% higher over the past week, respectively.

Keywords: rebounders concho resources

Ticker(s): CXO