EOG closes within previous day's range
EOG Resources Inc. (EOG) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
EOG finished the week -6.77% lower at 122.18 after gaining $0.56 (0.46%) today, underperforming the S&P 500 (1.42%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EOG as at Oct 12, 2018):
Friday's trading range has been $3.40 (2.75%), that's above the last trading month's daily average range of $2.38. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EOG.
After trading down to 120.38 earlier during the day, EOG Resources bounced off the key technical support level at 121.44 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 120.82 in the previous session, the share found buyers again around the same price level today at 120.38. The last time this happened on October 4th, EOG gained 0.63% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for EOG Resources. Out of 517 times, EOG closed higher 59.96% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.64% with an average market move of 1.23%.