EOG soars 5.88% on high volume
EOG Resources Inc. (EOG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
EOG ended Wednesday at 40.86 surging $2.27 (5.88%) on high volume, significantly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 39.78, the stock confirmed its breakout through the previous session high after trading up to $1.80 above it intraday.
Daily Candlestick Chart (EOG as at Sep 16, 2020):
Wednesday's trading range has been $2.93 (7.53%), that's far above the last trading month's daily average range of $1.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOG.
One bullish candlestick pattern matches today's price action, the White Candle.
EOG Resources found buyers again today around 38.65 for the third trading day in a row after having found demand at 38.43 in the prior session and at 38.54 two days ago. The last time this happened on August 4th, EOG gained 4.73% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for EOG Resources. Out of 81 times, EOG closed higher 59.26% 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 55.56% with an average market move of 0.29%.