lauralea

ABC Bullish

Long
NYSE:EOG   EOG Resources, Inc
Earnings are tomorrow mid day.

Negative volume is very high on EOG which can indicate smart money interest.

EOG broke up from a symmetrical triangle and then became tied up in a bearish rising and narrowing wedge like most of this industry did for a while. Too much buying so supply and demand were interrupted.

The 200 is sloping up so long term outlook is doing well right now. The 50 appears to be struggling but the 50, 100 and 200 moving averages are in chronological order for now with the 50 on top.

PE is 10.99 EPS 7.08. Yield 2.3% and short interest is low. I suppose if you are negative on oil , this is not for you.

EOG Resources, Inc. , together with its subsidiaries, explores for, develops, produces, and markets crude oil , and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; the Republic of Trinidad and Tobago; the People's Republic of China; and the Sultanate of Oman. As of December 31, 2020, it had total estimated net proved reserves of 3,220 million barrels of oil equivalent, including 1,514 million barrels (MMBbl) of crude oil and condensate reserves; 813 MMBbl of natural gas liquid reserves; and 5,360 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.

No recommendation.

ABC is a corrective pattern with target being D. Targets are calculated using the AB leg and fib levels. Possible stop under C
Comment: I do own EOG and is a long term hold for me. Has not been easy but I hang. Oil related stocks are usually not easy though )o:
Comment: And earnings were at 1:25 am/so correction/I misread it as I did not expect earnings that early in the morning from Texas!