Will EOG Resources recover?

New York, April 11th (TradersHuddle.com) - Shares of EOG Resources, Inc. (NYSE:EOG) closed the trading session at $104.00 below calculated support at $107.15. The stock broke down technically, raising concerns as the move might trigger additional selling.

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' stock was trading in a well defined range with support at $107.15 and resistance at $114.33; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $107.15 will remain in focus as EOG Resources' price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in EOG Resources can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $107.15. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.



Related Articles

    Related Partner Headlines

      Real Money Pro from TheStreet: Headlined by legendary hedge fund manager Doug Kass, our team of market technicians and professional traders hand you unique perspectives and breakthrough investment opportunities. Access this exciting service -- Real Money Pro -- FREE, right now!

      TradersHuddle Search

      Stock Search:


      Site Search:

      Loading

      Technical Scans

      Stock Market

      Loading
      Chart
      o Dow Jones 18,472.17 ▼1.58 (-0.01%)
      o S&P 500 2,166.58 ▼2.60 (-0.12%)
      o NASDAQ 5,139.81 ▲29.76 (0.58%)
      INDEXDJX:.DJI

      Dow Jones

      Company ID [INDEXDJX:.DJI] Last trade:18,472.17 Trade time:4:34PM EDT Value change:▼1.58 (-0.01%)
      INDEXSP:.INX

      S&P 500

      Company ID [INDEXSP:.INX] Last trade:2,166.58 Trade time:4:34PM EDT Value change:▼2.60 (-0.12%)
      INDEXNASDAQ:.IXIC

      NASDAQ

      Company ID [INDEXNASDAQ:.IXIC] Last trade:5,139.81 Trade time:5:09PM EDT Value change:▲29.76 (0.58%)

      In The Wires

      Copyright © 2013 TradersHuddle.com. All Rights Reserved.