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SmarTrend Watching for Potential Pullback in Shares of Concho Resources After 2.28% Gain

By Nick Russo

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $144.83 to a high of $149.74. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $148.49 on volume of 752,000 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 $106.73 and a high of $163.11 and are now at $149.59, 40% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has risen 0.3%.

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