New York, January 2nd (TradersHuddle.com) - Shares of EOG Resources, Inc. (NYSE:EOG) ended the trading session higher by $2.18 or 1.84% from its previous close. EOG Resources' price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
EOG Resources, Inc. (NYSE:EOG) develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, and China
EOG Resources' recent stock range was formed by a trough where calculated support was defined at $112.72 and by a peak that established the resistance level at $124.50. This range could be used by traders managing their positions.
Traders wanting to establish a position in EOG Resources or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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