CXO rises to highest close since May 21st


Concho Resources (CXO) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
CXO unable to break through key resistance level
CXO finds support at 100-day moving average
CXO closes higher for the 2nd day in a row
CXO pushes through previous session high
CXO rises to highest close since May 21st
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, CXO ended the week 4.68% higher at 148.08 after gaining $2.53 (1.74%) today. Today's closing price of 148.08 marks the highest close since May 21st. Closing above Thursday's high at 145.73, Concho Resources confirms its breakout through the prior session's high having traded $4.36 above it intraday.

Daily chart for CXO
Volatility

Friday's trading range was $5.26 (3.6%), that's slightly above last trading month's daily average range of $4.54. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Unable to break through the key technical resistance level at 148.49, the market closed below it after spiking as high as 150.09 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 144.83 during the day, the stock found support at the 100-day moving average at 145.17.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Concho Resources
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Break through SMA 200 TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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