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.