Trading Idea - Key levels for EOG Resources

Published on Monday, 08 February 2010 20:21 Written by Christian Paolinetti

New York, Feb 8^th (TradersHuddle.com) - Shares of EOG Resources, Inc. (NYSE:EOG) are trading very close to calculated support at $90.02 with current price action closing at just $91.58 places the stock price near levels where traders will start paying attention.

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' current stock range is defined by current calculated support defined at $90.02 and by the resistance level at $98.2195, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to EOG Resources' price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $98.2195 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.