A sell-side fundamental analyst recently raised their price target for EOG Resources ( EOG) but as a technical analyst I am more focused on EOG as it nears a major upside breakout on the charts.
Let's check it out. 
In the daily bar chart of EOG, below, we can see that the shares have staged a strong advance from August. The stock trades above the rising 50-day moving average line as well as above the rising 200-day line. The trading volume has been active the past 12 months and the On-Balance-Volume (OBV) line has followed the price action but up and down. Overall the OBV line has declined from June.
The Moving Average Convergence Divergence (MACD) oscillator is turning upwards to a fresh outright buy signal.
In this weekly Japanese candlestick chart of EOG, below, we can see a lopsided double-bottom pattern in 2020 followed by a strong rally. Prices are trading above the rising 40-week moving average line. The weekly OBV line shows a stronger pattern than the daily line with gains from early 2020. Aggressive buying is more visible in this time frame.
The MACD oscillator is in a bullish alignment here.
In this daily Point and Figure chart of EOG, below, we can see a price target of $153.
In this weekly Point and Figure chart of EOG, below, we can see a $182 price target.
In this longer-term line chart of EOG, below, we can see that prices are pushing up into some old resistance in the $120-$130 area. With prices about halfway through the $120-$130 area we are likely going to push through this area.
Bottom-line strategy: Traders could go long EOG at current levels and on available weakness. Risk below $110 for now. The $153 area is our first upside price target.
