EOG Resources Inc. - (EOG) - January 26, 2022 (Daily Stock Report)

by SIACharts.com

 

 

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.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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