News Image

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

By Mill Chart

Last update: Sep 23, 2022

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 2022-09-23

Technical analysis of NYSE:EOG

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

Taking everything into account, EOG scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • 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.
  • When comparing the yearly performance of all stocks, we notice that EOG is one of the better performing stocks in the market, outperforming 96% of all stocks. On top of that, EOG also shows a nice and consistent pattern of rising prices.
  • EOG is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 73% of 379 stocks in the same industry.
  • 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.

Why is NYSE:EOG a 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:

Besides having an excellent technical rating, EOG 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 118.34, a Stop Loss order could be placed below this zone.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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

Back

EOG RESOURCES INC

NYSE:EOG (3/28/2024, 1:01:53 PM)

127.43

+1.04 (+0.82%)

EOG News

News Image15 days ago - Market News VideoEOG Resources Now #128 Largest Company, Surpassing Moody's
News Imagea month ago - The Motley FoolEOG Resources (EOG) Q4 2023 Earnings Call Transcript

EOG earnings call for the period ending December 31, 2023.

News Imagea month ago - Seeking AlphaEOG Resources slips after Q4 miss, guidance for lower output and higher capex (NYSE:EOG)

EOG Resources' Q4 adjusted earnings miss expectations while guiding for higher spending plans and lower than expected oil production.

News Imagea month ago - Seeking Alpha(NYSE:EOG)

EOG Resources reports Q4 results with a slight miss in EPS, but beats revenue expectations, showing a solid performance in the financials.

News Imagea month ago - EOG Resources, Inc.EOG Resources Reports Fourth Quarter and Full-Year 2023 Results; Announces 2024 Capital Plan

/PRNewswire/ -- EOG Resources, Inc. (EOG) today reported fourth quarter and full-year 2023 results. The attached supplemental financial tables and schedules...

News Imagea month ago - InvestorPlaceROIC Rockstars: 3 Stocks to Buy for Long-Term Rewards

The return on invested capital is a metric that doesn’t get enough attention. These ROIC stocks will outperform over the long haul.

News Imagea month ago - Investor's Business DailyPermian Basin's Largest Producer, After Chevron And Exxon, Due To Report

Diamondback upshifted among oil stocks with its $26 billion acquisition of Endeavour Energy. Investors are hot on details.

News Imagea month ago - Seeking AlphaEarnings week ahead: NVIDIA, Walmart, Home Depot, Lucid and more

Despite a holiday-shortened week, investors have their plates full of a diverse range of earnings reports across various sectors. Tech leaders NVIDIA Corporatio

EOG Links
Follow us for more