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- 1/8/2021 -
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Concho Resources (CXO)

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtBroken trend resistance line
Daily :Williams' Percentage Range is strongly overboughtStochastic signal line moved above oversold areaDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price moved above the moving average in the center of the Bollinger Bands
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It was a second positive week after 3 consecutive negative weeks for the Concho Resources (CXO). During the week, the CXO gained 6.81 points, or 11.67%, and closed at 65.16 on Friday, January 8, 2021. It was the best weekly gain since November 13, 2020. Weekly volume was -36% below average.

CXO is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See CXO long-term trend chart]
A long-term downtrend had started on May 2, 2018 at 163.11 and reached 33.13 on March 18, 2020. CXO lost 129.98 points, or 79.69%, in 98 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (4.17) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. CXO may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See CXO medium-term trend chart]
A medium-term uptrend had started on October 29, 2020 at 39.74 and reached 66.33 on January 8, 2021. CXO gained -26.59 points, or -66.91%, in 10 weeks. Price is near the trend high.

Weekly Technical Indicators: [See CXO weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since October 9, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See CXO short-term trend chart]
A short-term uptrend had started on December 29, 2020 at 56.42 and reached 66.33 on January 8, 2021. CXO gained -9.91 points, or -17.56%, in 10 days. The price is now at the 11.81% retracement level.

Daily Technical Indicators: [See CXO daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.06
Williams' Percentage Range (W%R) 6.70
Strong Overbought
Lane's Stochastic (%D-Slow) 78.31
Greed/Fear Indicator (GFI) 77.91
Moving Average Converg./Diverg. (MACD) 0.99
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.00
Williams' Percentage Range (W%R) 2.50
Strong Overbought
Lane's Stochastic (%D-Slow) 80.35
Overbought
Greed/Fear Indicator (GFI) 79.66
Moving Average Converg./Diverg. (MACD) -0.49
Trading Signals
Description Value Chart
Upper Bollinger Band 65.76
Price 65.16
Daily Stochastic Crossing 65.10
Weekly Stochastic Crossing 62.60
20 Day Moving Average 60.38
Parabolic System 58.60
50 Day Moving Average 56.38
Lower Bollinger Band 54.74
Sector and Industry
Description Name Rank
Sector Energy 12
Industry Oil & Gas Exploration & Production 88
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 56.42
Low Date 12/29/2020
High 66.33
High Date 01/08/2021
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 56.42
Low Date 12/29/2020
High 66.33
High Date 01/08/2021
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 56.42
Low Date 12/02/2020
High 66.33
High Date 01/08/2021
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 39.74
Low Date 10/29/2020
High 66.33
High Date 01/08/2021
Description Value
Direction Down
Chart Pattern Falling Channel
Status Broken Resistance
Resistance 47.06
Support 4.17
High 163.11
High Date 05/02/2018
Low 33.13
Low Date 03/18/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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