TMCnet News
Upgrade Alert for Concho Resources (CXO)Nov 09, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Concho Resources (NYSE:CXO) was upgraded from Neutral to Buy at Goldman Sachs today. The stock closed yesterday at $80.40 on volume of 4.8 million shares, above average daily volume of 825,000. Concho Resources has overhead space with shares priced $80.40, or 35.5% below the average consensus analyst price target of $124.56. The stock should find initial resistance at its 50-day moving average (MA) of $92.99 and further resistance at its 200-day MA of $95.48. In the past 52 weeks, shares of Concho Resources have traded between a low of $76.17 and a high of $116.82 and closed yesterday at $80.40, which is 6% above that low price. The 200-day and 50-day moving averages have moved 0.2% lower and 0.41% lower over the past week, respectively. Concho Resources Inc. acquires, develops and explores for oil and natural gas properties in the Permian Basin area of Southeast New Mexico and West Texas. SmarTrend recommended that its subscribers protect gains by selling shares of Concho Resources on October 12th, 2012 by issuing a Downtrend alert when the shares were trading at $92.43. Since that call, shares of Concho Resources have fallen 13.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup |