EOG Resources Inc. (EOG) has made a respectable base pattern but is the stock really ready to start a sustained advance? Let's check out the charts and indicators.
In the daily bar chart of EOG, below, we can see a low in March and a high made in early June. From June the prices corrected slowly until the end of October. EOG has nearly doubled in the past eight or nine weeks but the indicators do not confirm this kind of price strength. Prices are above the rising 50-day moving average line and the rising 200-day moving average line. We can also see a bullish golden cross of these two averages at the end of December.
The trading volume increased in October and November but looks like it slacked off in December. The On-Balance-Volume (OBV) line has been depressed all year and only shows limited improvement in December. The Moving Average Convergence Divergence (MACD) oscillator turned positive in November.