EOG Resources (EOG - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, EOG broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of EOG have been moving higher over the past four weeks, up 6.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that EOG could be poised for a continued surge.
The bullish case only gets stronger once investors take into account EOG's positive earnings estimate revisions. There have been 9 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on EOG for more gains in the near future.
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EOG Resources (EOG - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, EOG broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of EOG have been moving higher over the past four weeks, up 6.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that EOG could be poised for a continued surge.
The bullish case only gets stronger once investors take into account EOG's positive earnings estimate revisions. There have been 9 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on EOG for more gains in the near future.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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