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EOG Resources Forms Flat Base

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EOG Resources followed oil prices higher as it forms a flat base with a 77.24 buy point

Video Transcript

[MUSIC PLAYING]

- And EOG Resources also worthy of attention today, up over 5%. It's in a consolidation, here, but a nice move as it's been getting some support around this 21-day line. And it looks like an early entry, I think, potentially could be spied, here. Although, some other entries could shape up, too, as it continues to climb up the right side of this space.

- Yeah, definitely. I mean, I think I'd rather wait for the stock to get over its April 1 high, basically where you started that trend line, there. But this is just a good example of a base-building stock. I'm not sure it's the fastest horse in the group. Some of the biggest gainers in the MarketSmith Growth 250 were from some of the names like Callon Petroleum CPE, Matador Resources MTDR, and also Denbury DEN. But EOG is just a good liquid large cap name, and this is a good base setting up. So we'll see if it can move over that April 1 high, and that could pave the way for a breakout over its recent high of 77.14.

But a big day for crude oil prices today. At last check, they were up 4% or 5%. So crude oil prices surged, and that helped a lot of oil and gas producers like EOG.