CXO is at the start of a significant breakout
Based on the preceding analysis in CXO, traders should determine that their account can handle increased risk from a new position. Also be sure that CXO is not too correlated with your existing position. Lastly, excellent traders always check how a new addition relates to not just their overall account, but the prevailing market action as well. For example, check the S&P 500. Is it trending up or down recently? Has it recently exceeded key resistance or support levels? Be sure to align your trading actions on CXO with the overall market so you are not swimming against the tide.
Currently the calculated sentiment levels, evaluated by Traders For Wealth, have shown an increasingly positive bias toward CXO. Also, the price action in CXO has been moving on up. This is a strong sign for a potential upside breakout. Traders should view this as a bullish trade and make sure it aligns with the overall market mood, and their current positions.
Concho Resources Inc (CXO)
Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf. As of December 31, 2016, the Company’s operations were focused in the Permian Basin, which underlies an area of Southeast New Mexico and West Texas approximately 250 miles wide and 300 miles long. The Permian Basin is an oil and natural gas producing region in the United States and is characterized by multiple producing horizons and enhanced recovery potential. As of December 31, 2016, the Company produced approximately 55.1 million barrels of oil equivalent (MMBoe) of oil and natural gas. As of December 31, 2016, all of its 720 MMBoe total estimated proved reserves were located in its core operating areas and consisted of approximately 59.5% oil and 40.5% natural gas.