The gap-down created with PXD on January 08, was filled last trading week with strong bullish momentum and high volume, indicating the potential of the stock price to test above 245!
N.B!
- USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk...
NYSE:PXD
If the stock price breaks above the bullish line, situated around $249.30, there are potential upside targets to consider. The primary target on the bullish side would be Target Price 1 at $260.00.
On the other hand, if the stock price breaks below the bearish line, set at $246.32, there are several downside targets to watch. The initial target on the...
I'm expecting the longer term trend lines to hold and price to break out from the current descending channel. RSI looks to be turning bullish also. Areas plotted to look out for, combined with daily and weekly moving averages to be used as S/R confluences.
Uptrend
Based on my strategy, after passing of this level, chart has entered to new uptrend.
there is a breakout of a major level and pullback to it has been completed.
I suppose it triggered for getting buying position by setting SL at around 228.
Appears that price is in a wave 3 impulsive wave. Should it break through the overhead resistance just below 245, stock could have a long way to run. Not to mention that it has been a buyout target and will benefit significantly from higher oil prices. It also pays out a variable dividend based on quarterly performance.
The PEAD projected a Neutral outlook for $PXD after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 60%.
The PEAD projected a Bearish outlook for $PXD after a Negative over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
Continuation period has arisen from this repeating double bottom structure
Very similar structures can be seen on the Gaussian Channel indicator
Weekly timeframe
PXD has shown similar double bottoms along this dominant trend line
Price recently has broken up of a weak resistance (white circle)
This leads price to the same recovery pattern
The PEAD projected a Bullish outlook for $PXD after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 100%.
