US oil & natural gas producer EOG Resources (EOG) returned to the Green Favored Zone of the SIA S&P 500 Index Report and since then, it has climbed 30.7%, including a 20.4% gain so far this month. Yesterday, EOG finished in 6th place up 102 spots in the last month.
In October of 2020, EOG Resources (EOG) shares bounced up off of the $30.00 level and haven’t looked back since, more than tripling in value over the last fifteen months. In early 2021, EOG snapped out of a long-term downtrend, and has spent the last year under accumulation, advancing in a step pattern of rallies followed by pauses at higher levels.
Having established support near $80.00 and confirming its uptrend line in late 2021, EOG has staged a roaring start to 2022, breaking out to its highest levels since 2018, and clearing the $100.00 round number hurdle. The next main resistance test appears at the 2018 peak near $121.30, with measured moves from recent trading ranges suggesting other potential tests near $108.00, $111.50, and $122.00. Initial support appears at the $100.00 round number, then $97.50.
Since a summer selloff ended in August, EOG Resources (EOG) has been under renewed accumulation. In October, the shares staged a bullish Triple Top breakout, then spent the rest of the year, consolidating, retesting and confirming that breakout. This month, the shares have resumed their upward course, completing bullish Double Top and Spread Double Top breakouts, breaking through $100.00 and continuing to climb to new multi-year highs.
A horizontal count suggests next potential resistance may appear near $119.35, followed by the $125.00 round number. Initial support appears near the $100.00 round number, then $97.90 based on a 3-box reversal.
With a perfect SMAX score of 10, EOG is exhibiting strength across the asset classes.
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