Slipping EOG Resources Likely Needs to Build a New Base

EOG Resources Inc. (EOG) got hit with a number of body blows (ouch) right after I thought it looked attractive to buy on weakness. (EOG Resources and other independent oil producers are the subject of Jim Cramer's opening story this morning.)

As I wrote at the time: "After a seven-month decline, EOG has broken its downtrend and is trying to restart the bull trend. Prices have improved, but I would like to see more volume and a more bullish OBV line before committing to the long side. A pullback to $92, should it occur, is probably a buying opportunity risking below $88."...292 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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