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SmarTrend Watching for Potential Pullback in Shares of Concho Resources After 1.06% Gain

By Shiri Gupta

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $112.49 to a high of $114.18. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $112.48 on volume of 652,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Concho Resources share prices have moved between a 52-week high of $147.55 and a 52-week low of $106.73 and are now trading 6% above that low price at $113.27 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on August 3rd, 2017 by issuing a Downtrend alert when the shares were trading at $120.29. Since that call, shares of Concho Resources have fallen 7.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders concho resources

Ticker(s): CXO