Technical Support in Place for Oil Stock

EOG's 260-day moving average has had bullish implications in the past

Deputy Editor
Feb 6, 2023 at 3:12 PM
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Oil and gas name EOG Resources Inc (NYSE:EOG) has been sliding since its late January peak, last seen down 1.2% at $123.14, and now sporting a 4.8% year-to-date deficit. There is reason to believe the shares could soon stage a bounce, however, as this pullback has EOG within one standard deviation of its 260-day moving average -- a trendline with historically bullish implications.

Over the past three years, EOG has seen three similar signals, after which the stock has been positive one month later 67% of the time, averaging a 7.5% gain, according to data from Schaeffer's Senior Quantitative Analyst Rocky White. The equity's 200-day moving average has provided support over the last 12 months as well.

EOG Feb6

 

Now could be a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per EOG's Schaeffer's Volatility Index (SVI) of 34%, which sits in the 12th percentile of its annual range. 

 

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