Crude oil climbed sharply this week after the release of some very light inventory numbers last week and stronger demand estimates. With the commodity trading above $72 per barrel, many energy names got a strong boost up. No one came close to EOG Resources, which closed near its all-time high – and I don’t think this one is finished yet.
Witness the very strong turnover and bullish relative strength on this powerful breakout. An MACD buy signal was confirmed earlier this month, and you can clearly see the W pattern in play when the gap from August was filled. As long as this uptrend continues and we see a day of followthrough, new highs are not far off.
Take a deeper dive into the chart action of EOG Resources on NYSE: EOG and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About EOG Resources
EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil and natural gas. The company’s principal producing areas are located in New Mexico, North Dakota, Texas, Utah, and Wyoming in the United States; and the Republic of Trinidad and Tobago, the United Kingdom, the People’s Republic of China, and Canada. As of December 31, 2017, it had total estimated net proved reserves of 2,527 million barrels of oil equivalent, including 1,313 million barrels (MMBbl) crude oil and condensate reserves; 503 MMBbl of natural gas liquid reserves; and 4,263 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was founded in 1985 and is headquartered in Houston, Texas.
