CXO rises to highest close since May 21st
Concho Resources Inc. (CXO) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CXO as at Jul 13, 2018):
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.
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.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.