EOG Resources Inc Stock Forecast
EOG Resources Inc stock price ended at £0.98 on Wednesday, after losing 2.50%.
(Updated on Apr 17, 2024)
The EOG Resources Inc stock price fell by -2.50% on the last day (Wednesday, 17th Apr 2024) from £1.00 to £0.98. During the last trading day the stock fluctuated 7.26% from a day low at £0.95 to a day high of £1.02. The price has fallen in 4 of the last 10 days and is down by -2.5% for this period. Volume has increased on the last day by 6 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 million shares were bought and sold for approximately £7.31 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect EOG Resources Inc stock with a 90% probability to be traded between £0.87 and £1.14 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EOG.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 08, 2024, and so far it has risen 1.56%. Further rise is indicated until a new top pivot has been found. 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 £1.00 and £1.03. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for EOG Resources Inc stock
EOG Resources Inc finds support from accumulated volume at £0.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved £0.0690 (7.26%) between high and low. For the last week, the stock has had daily average volatility of 6.25%.
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 Thursday 18th
For the upcoming trading day on Thursday, 18th we expect EOG Resources Inc to open at £0.98, and during the day (based on 14 day Average True Range), to move between £0.91 and £1.04, which gives a possible trading interval of +/-£0.0620 (+/-6.36%) up or down from last closing price. If EOG Resources Inc takes out the full calculated possible swing range there will be an estimated 12.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £0.96 (1.54%) than the resistance at £1.00 (2.56%), 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 +/- 7.07% 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.
Current score: -1.923 Sell Candidate Unchanged
Predicted Opening Price for EOG Resources Inc of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| £0.98 ( 0.718%) | £0.98 |
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 | 1.05 | 7.79 % | |
| R2 | 1.02 | 5.09 % | ||
| R1 | 1.01 | 3.42 % | ||
| Current price: | 0.98 | |||
| Support | S1 | 0.96 | -1.99 % | |
| S2 | 0.94 | -3.66 % | ||
| S3 | 0.91 | -6.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.08 | 10.77 % | |
| R2 | 1.05 | 7.69 % | ||
| R1 | 1.00 | 2.56 % | ||
| Current price | 0.98 | |||
| Support | S1 | 0.96 | -1.54% | |
| S2 | 0.95 | -2.56% | ||
| S3 | 0.90 | -7.69% |
FAQ
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