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Possible Bearish Inside Day Candle Pattern Detected for Concho Resources (NYSE:CXO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Concho Resources (NYSE:CXO) based on the price action in the company's shares. Today's price range of $54.28 and $55.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Concho Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Concho Resources share prices have been bracketed by a low of $33.13 and a high of $124.53 and are now at $53.71, 62% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 3.8%.

Concho Resources Inc. acquires, develops and explores for oil and natural gas properties in the Permian Basin area of Southeast New Mexico and West Texas.

There is potential upside of 247.2% for shares of Concho Resources based on a current price of $53.71 and an average consensus analyst price target of $186.50. Concho Resources shares should first meet resistance at the 50-day moving average (MA) of $54.88 and find additional resistance at the 200-day MA of $71.64.

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: bearish inside day candle concho resources

Ticker(s): CXO