EOG Resources stock has broken below its 200 day moving average on February 17, 2023. We have downgraded the technical rating of the stock to downtrend.
That sort of looks like a Symmetrical TriangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... breakdown. Could we see EOG Resources fall all the way back to support at $103.68?!
Institutional investors hold 89% of the company which is really high. It looks like at least some of them are reducing their exposure in the wake of the higher than expected PPI.
As inflation runs hot and the Fed talks of a 50 basis point rate hike at their next meeting to slow inflation, the Aladdin A.I. is making adjustments to its interest rates forecast and those adjustments are hitting stocks like EOG Resources hard! Anything with high exposure to institutional investment is getting hit hard as the Aladdin A.I. controls these institutional investment dollars.
Crude oil, natural gas, and natural gas liquids are all developed, produced, and sold by EOG Resources. In addition to the Republic of Trinidad and Tobago, its main producing regions are in Texas and New Mexico in the United States.
