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Archive
- 8/10/2018
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Concho Resources
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Summary:
Weekly :Oversold sectorPrice is near the Fibonacci 38.2% retracement level
Daily :Williams' Percentage Range and Lane's Stochastic are oversoldPrice has crossed above the 50 Day Moving Average
Move cursor over the icon to see details.

It was a first positive week for the Concho Resources (CXO). During the week, the CXO gained 4.23 points, or 3.17%, and closed at 137.73 on Friday, August 10, 2018. Weekly volume was 7% above average.

CXO is a member of Basic Materials Sector. Basic Materials is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See CXO long-term trend chart]
A long-term uptrend had started on January 20, 2016 at 69.94 and reached 163.11 on May 2, 2018. CXO gained -93.17 points, or -133.21%, in 119 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 128.39 and resistance is at 166.24. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.

Medium-term trend: [See CXO medium-term trend chart]
A medium-term downtrend had started on May 2, 2018 at 163.11 and reached 123.63 on June 5, 2018. CXO lost 39.48 points, or 24.20%, in 4 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See CXO weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since February 16, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See CXO short-term trend chart]
A short-term downtrend had started on July 19, 2018 at 151.55 and reached 132.93 on August 8, 2018. CXO lost 18.62 points, or 12.29%, in 20 days. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 131.53 and resistance is at 150.82. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See CXO daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since July 30, 2018. This is an indication that the short-term trend is down.

During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.81
Williams' Percentage Range (W%R) 89.40
Oversold
Lane's Stochastic (%D-Slow) 15.58
Oversold
Greed/Fear Indicator (GFI) 22.34
Moving Average Converg./Diverg. (MACD) -0.01
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.34
Williams' Percentage Range (W%R) 71.40
Lane's Stochastic (%D-Slow) 64.36
Greed/Fear Indicator (GFI) 46.36
Moving Average Converg./Diverg. (MACD) -0.62 Bullish
Trading Signals
Description Value Chart
Upper Bollinger Band 151.58
Weekly Trendline Resistance 150.82
Parabolic System 144.70
20 Day Moving Average 143.23
Weekly Stochastic Crossing 142.16
Price 137.73
50 Day Moving Average 137.47
Daily Stochastic Crossing 134.88
Weekly Trendline Support 131.53
Lower Bollinger Band 129.38
Yearly Trendline Support 128.39
Sector and Industry
Description Name Rank
Sector Basic Materials 2
Industry Oil & Gas Drilling/Explor 42
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 151.23
High Date 07/30/2018
Low 132.93
Low Date 08/08/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 150.82
Support 131.53
High 151.55
High Date 07/19/2018
Low 132.93
Low Date 08/08/2018
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 123.63
Low Date 06/05/2018
High 151.55
High Date 07/19/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 163.11
High Date 05/02/2018
Low 123.63
Low Date 06/05/2018
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 166.24
Support 128.39
Low 69.94
Low Date 01/20/2016
High 163.11
High Date 05/02/2018
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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