Good technical signals and a possible breakout for EOG RESOURCES INC.

EOG RESOURCES INC (EOG)       111.73   -1.24 (-1.1%)

After market: 111.75 +0.02 (+0.02%)

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Good technical signals and a possible breakout for EOG RESOURCES INC.10 days ago - Chartmill

EOG RESOURCES INC (NYSE:EOG) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:EOG.

EOG Daily chart on 2022-09-22

What is the technical picture of NYSE:EOG telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, EOG scores 7 out of 10 in our technical rating. In the last year, EOG was one of the better performers, although we are getting mixed signals now in both the short and medium term time frames.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • Looking at the yearly performance, EOG did better than 96% of all other stocks. We also observe that the gains produced by EOG over the past year are nicely spread over this period.
  • EOG is part of the Oil, Gas & Consumable Fuels industry. There are 381 other stocks in this industry, EOG did better than 69% of them.
  • EOG is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so EOG is still doing slightly better than the market.
  • In the last month EOG has a been trading in the 115.56 - 129.09 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:EOG this score is currently 8:

EOG has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 124.57. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 118.23, a Stop Loss order could be placed below this zone.

How can NYSE:EOG be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:EOG and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.


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