EOG Resources Looks To Break Out Of A Consolidation

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 follow-through, new highs are not far off.

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