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.9 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 2022-09-23

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.


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