EOG closes within prior day's range
EOG Resources Inc. (EOG) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
EOG finished the week 3.09% higher at 105.51 after gaining $0.66 (0.63%) today, strongly outperforming the S&P 500 (-0.92%). 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 Nov 09, 2018):
Friday's trading range has been $3.72 (3.61%), that's slightly above the last trading month's daily average range of $3.64. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOG.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Thrusting Pattern. The last time a Thrusting Pattern showed up on August 2nd, EOG lost -2.80% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test October's nearby low at 100.63.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Thrusting Pattern" stand out. Its common bearish interpretation has been confirmed for EOG Resources. Out of 9 times, EOG closed lower 66.67% of the time on the next trading day after the market condition occurred.