EOG Resources Inc. (NYSE: EOG) stock was one of the companies that benefited from the pandemic in 2020, as its price soared from $27 to $150 by creating a higher highs and lows pattern on the chart. This gave the investors a return of more than 500% by November 2022.
However, the quarterly earnings report for September 2022 triggered some profit-taking, and the price found support around $100, where it started to trade in a narrow range.
In the year-to-date, the EOG stock has lost some value, dropping 0.21% in the last three months and 4.15% in the last week. The price is approaching a convergence point, where the buyers and sellers are fighting for control. If one side loses its strength, a strong momentum-driven rally may follow.
Therefore, if buyers boost more, the EOG stock might surge strongly from the current level and surge above. The possible targets are between $136 and $145.
On the contrary, if EOG stock fails to hold its grip and continuously declines and breaches below $122, it may slide up to $112.
EOG stock is above a rising support trendline, but below 20 and 50 EMA moving averages are not helping the price right now.
However, the stock is breaking some resistance levels, which shows that the buyers are stronger than the sellers. If more people buy the stock, the price could go up faster and make new highs and lows. So, the EOG price looks bullish on the daily chart.
The RSI value is 50.17, which means the stock is not overbought or oversold. The 14 SMA is below 55.36, which means the stock is still bullish.
The MACD line at 1.25 and the signal line at 1.05 are both above zero, which means the stock is bullish. The MACD line crossed above the signal line, which is a bullish sign.
The stock ratings for EOG stock are positive and highly recommended by 33 analysts who have studied the stock in the last three months. The 1-year price predictions for EOG stock by 29 analysts range between $113 to $172.
Will EOG Stock Plummet or Advance For $200?
Summary
According to 33 analysts who have assessed the stock in the past three months, EOG stock has a positive outlook and a strong “buy” recommendation. The EOG stock price also shows bullish signs based on technical analysis tools such as RSI, MACD, and EMA.
The chart of EOG Resources Inc. (NYSE: EOG) on the 1-D timeframe reveals that the price action is in an uptrend with higher highs and lows. The price is also moving within two converging trendlines indicating a potential bullish breakout in the future.
Technical Levels
Support Levels: $122 and $112
Resistance Levels: $136 and $145
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/26/will-eog-resources-nyse-eog-price-reach-200-by-december-end/