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Watch for Concho Resources to Potentially Pullback After Gaining 1.16% Yesterday

By Amy Schwartz

Concho Resources (NYSE:CXO) traded in a range yesterday that spanned from a low of $124.06 to a high of $126.39. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $126.09 on volume of 375,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

In the past 52 weeks, Concho Resources share prices have been bracketed by a low of $112.73 and a high of $147.55 and are now at $126.35, 12% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

Keywords: rebounders concho resources

Ticker(s): CXO