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Watch for Shares of EOG Resources (EOG) to Approach Resistance at $125.98

Published on Thu, 01/10/2013 - 13:38
By Mallory Stone

Shares of EOG Resources (NYSE:EOG) opened today above their pivot of $124.50 and have already reached the first level of resistance at $125.30. Should the shares continue to rise, the resistance pivots of $125.98 and $127.46 will be of interest.

Over the past year, EOG Resources has traded in a range of $82.48 to $126.25 and is now at $125.58, 52% above that low. The 200-day and 50-day moving averages have moved 0.17% higher and 0.71% higher over the past week, respectively.

There is potential upside of 7.4% for shares of EOG Resources based on a current price of $125.58 and an average consensus analyst price target of $134.93. The stock should discover initial support at its 50-day moving average (MA) of $118.99 and subsequent support at its 200-day MA of $107.76.

EOG Resources, Inc. explores for, 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, China and, from time to time, select other international areas.

By Mallory Stone