EOG Resources Inc. (NYSE: EOG) EOG stock has flipped the lower lows sequence and made a fresh higher high replicates the buying interest developed in the yesterday trading session. Moreover, the price action shows that fresh long positions were added and buyers have attained momentum and are willing to surpass the immediate neckline of $135 to reach $150. Furthermore, the EOG stock rebounded vertically from the demand zone of $100. Afterward, EOG stock continued delivering the gains and showed buyers accumulation in the past sessions. EOG stock price is trading above the significant moving averages and has shown bulls dominance on the charts.
EOG share price is trading inside the rising parallel channel and is close to the channel upper trendline near $135. Furthermore, the trading volume shows an increase which replicates the investor interest who made long positions and are looking desperate to extend the bullishness toward $150. As per the options chain, at the strike price of $135, a massive open interest of 1365 hundred shares on the call side shows a resistance zone which is not easy for the bulls to surpass. Conversely, at the strike price of $128, open interest of 896 hundred shares on the put side suggests the strong support zone.
At press time, EOG stock price is trading at $133.84 with an intraday gain of 3.04% showing bullishness in the yesterday trading session. Furthermore, the intraday trading volume increased by 1.33% to 3.576 Million and the market cap is $77.93 Billion. However, analysts have maintained a buy rating with a yearly target price of $148.47 suggesting a strong growth outlook for the next sessions.
EOG Resources, Inc. engages in the exploration, development, production and marketing of crude oil and natural gas. It operates through the United States, Trinidad, and Other International geographical segments. The Other International segment includes China and Canada operations. The company was founded in 1985 and is headquartered in Houston, TX.
Will EOG Stock Extend Rally to $150?
On the daily charts, EOG stock price is trading inside the rising parallel channel and is delivering the bullishness for the past sessions. Moreover, the EOG share price has surpassed the 61.8% Fibonacci retracement level and entering into the bullish territory replicates the bulls dominance. Furthermore, the gap up candlestick noted in the yesterday trading session delivers the buying interest and the technicals suggesting that follow on buying action will continue and EOG stock may reach $150 soon.
The RSI curve stayed in the overbought zone and showcased a bullish divergence suggesting that EOG stock will skyrocket soon.
The MACD shows a bullish crossover and green bars on the histogram suggesting a positive outlook for the next sessions.
Summary
EOG stock price is in a strong uptrend and showed a massive gain of 3.78% in yesterday’s trading session, replicating the beginning of a fresh rally. Moreover, the price action showcased the bulls dominance and is suggesting that EOG stock will skyrocket and reach the bluesky zone of $150 in the next sessions. However, bulls must surpass the immediate hurdle of $135 to extend the positive momentum.
Technical Levels
Support Levels: $130 and $125
Resistance Levels: $135 and $140
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/14/eog-stock-nyse-eog-stretching-gains-will-bulls-catch-150/