EOG Resources Inc Stock Forecast
EOG Resources Inc stock price took a fall of -5.64% on Monday
(Updated on Apr 22, 2024)
The EOG Resources Inc stock price fell by -5.64% on the last day (Monday, 22nd Apr 2024) from £0.98 to £0.92. During the last trading day the stock fluctuated 6.83% from a day low at £0.92 to a day high of £0.98. The price has been going up and down for this period, and there has been a -4.17% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -153 thousand shares and in total, 3 million shares were bought and sold for approximately £2.45 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £0.87 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -2.93% during the next 3 months and, with a 90% probability hold a price between £0.84 and £1.11 at the end of this 3-month period.
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EOG.L Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The EOG Resources Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.98 and £1.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, February 27, 2024, and so far it has fallen -20.96%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for EOG Resources Inc stock
EOG Resources Inc finds support from accumulated volume at £0.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved £0.0625 between high and low, or 6.83%. For the last week the stock has had daily average volatility of 5.46%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EOG.L) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect EOG Resources Inc to open at £0.94, and during the day (based on 14 day Average True Range), to move between £0.86 and £0.98, which gives a possible trading interval of +/-£0.0596 (+/-6.48%) up or down from last closing price. If EOG Resources Inc takes out the full calculated possible swing range there will be an estimated 12.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.90 (2.17%) than the resistance at £1.00 (8.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
EOG Resources Inc will release earnings BMO on Wednesday, April 24, 2024. We will update the financials statements for EOG Resources Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.63% in the first trading day after earnings release.
Is EOG Resources Inc stock A Buy?
EOG Resources Inc holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.136 Sell Candidate Downgraded
Predicted Opening Price for EOG Resources Inc of Tuesday, April 23, 2024
Fair opening price April 23, 2024 | Current price |
---|---|
£0.94 ( 1.94%) | £0.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EOG.L
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.00 | 8.73 % | |
R2 | 0.98 | 6.14 % | ||
R1 | 0.96 | 4.53 % | ||
Current price: | 0.92 | |||
Support | S1 | 0.91 | -0.657 % | |
S2 | 0.90 | -2.26 % | ||
S3 | 0.88 | -4.86 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.05 | 14.13 % | |
R2 | 1.03 | 11.41 % | ||
R1 | 1.00 | 8.70 % | ||
Current price | 0.92 | |||
Support | S1 | 0.90 | -2.17% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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