Let's Explore the Charts of Pioneer Natural Resources

PXD should extend its gains, so here's how to approach it.

Pioneer Natural Resources (PXD)  has broken out on the upside of a seven-month consolidation pattern. This large upper-level base pattern can support further gains in the months ahead. Let's check out the charts.

In this updated daily bar chart of PXD, below, we can see the rally into March followed by the sideways consolidation pattern. Prices crossed back and forth around the 50-day moving average line until late September when a new uptrend was established. PXD is also above the rising 200-day line, which was successfully tested in July, August and early to middle September. The On-Balance-Volume (OBV) line has improved from early September and the Moving Average Convergence Divergence (MACD) oscillator is above the zero-line, but has crossed to a take-profit sell signal. 

 

  

In this weekly Japanese candlestick chart of PXD, below, we can see a bullish picture. Prices are in a longer-term uptrend above the rising 40-week moving average line. The OBV line has been strong the past two years and the MACD oscillator has been bullish since late 2020. 

 

 

In this daily Point and Figure chart of PXD, below, we can see a $215 price target. 

 

 

In this weekly Point and Figure chart of PXD, below, we can see that the software is projecting a potential $314 price target. 

 

 

Bottom line strategy: Traders could go long PXD at current levels risking to $177. On the upside $215 and then $314 are our targets.

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