Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
EOG Resources (NYSE: EOG) is an energy company that engages in the exploration, development, production, and marketing of crude oil and natural gas. It is one of the largest independent oil and gas producers in the United States.
EOG Resources Company reported its second-quarter earnings on August 3, 2023. It beat the consensus estimates for both revenue and earnings. It posted revenue of $5.57 Billion, up 25% year-over-year, and earnings of $2.49 per share, up 9% year-over-year.
EOG Resources’ share price currently trades at $129.80, declining 1.44% in the last trading session. EOG stock holds a market cap of $75.6 Billion. It has a total of 584.85 Million shares outstanding. The PE ratio for the stock is 8.7. The price-to-sales ratio of the stock is 2.96.
EOG stock derivatives data states that the current Implied volatility in the market is 26.85% with a decrement of 4.16% in the last trading session. It has a total of 147.79K open interest contracts as of now. The PUT/CALL ratio is 0.86 indicating a mild bullish sentiment in the market as per the data.
EOG Stock Price Prediction Using Price Action Strategy
EOG share price analysis reveals that the stock price has been rising since May 2023, after bottoming out followed by a breakout of an upper trendline resistance. The price again made a dip suffering rejection from the 200 EMA but ended up forming a higher low and the stock surged higher.
The stock showed a pre-result effect and made one-way momentum to reach the $130 mark before the results.
However, the disclosure of results on the past day affected the price to open a gap-up followed by a profit booking thus dragging the price down by 1.44% to close the price at $129.80.
Now that the stock has surged nearly 25% without showing any pullback. hence, the profit booking may continue and the price may slide up to its nearest support zone at $122.81 from where it may gain momentum again.
EOG Share Price Forecast from Indicators’ point of view
As per the EMA analysis, the EOG stock price is trading above both the 50 and 200 EMA showing bullish sentiment in the long-term as well as short-term.
At the time of publishing, the RSI value of the EOG share price is 63.92 and that of the SMA line is 69.12. RSI has made a breakdown of the SMA line indicating the continuation of the profit booking.
Conclusion
EOG stock price prediction concludes that the stock price has been rising since May 2023, after breaking out of a downtrend. The price dipped briefly below the 200 EMA but made a higher low and surged higher. The price reached $130 before the results, but opened higher and then declined by 1.44% to close at $129.80. The price may continue to fall due to profit booking and test the support zone at $122.81, where it may bounce back.
Also, The future performance of EOG’s stock may depend on various factors, such as oil and gas prices, production volumes, operating costs, capital expenditures, dividends, acquisitions, and market conditions.
Technical Levels
- Support levels: $122.81 and $111.21.
- Resistance levels: $136.6 and $149.97.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/05/eog-stock-price-prediction-can-results-halt-the-momentum/