When we last reviewed Diamondback Energy ( FANG) on Nov. 1, we recommended that traders could go long with the $194 area as our price target. Let's check and see how the charts have progressed with crude oil rallying in recent weeks. 
In the daily bar chart of FANG, below, we can see that the shares struggled a bit in December and that may have shaken out some longs. The stock has rallied to new highs in the new year and trade above the rising 50-day moving average line as well as the rising 200-day line.
The On-Balance-Volume (OBV) line has slipped a little lower over the past three months and that is a bearish divergence when compared to the price action. A new high in the OBV line would be a positive development going forward. The trend-following Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of FANG, below, we can see that the shares have been in an upward-sloping channel since early 2020. The shares are trading above the rising 40-week moving average line so we know the longer-term trend is bullish.
The weekly OBV line has moved sideways the past year and has yet to make a new high to confirm FANG's new high. The MACD oscillator just turned upwards to a new outright buy signal.
In this daily Point and Figure chart of FANG, below, we can see an upside price target of $144.
In this weekly Point and Figure chart of FANG, below, we can see a longer-term price target in the $198 area so let's round it up to $200.
Bottom-line strategy: With crude oil prices rising with a weakening dollar, the potential for international disruptions, strong demand and restrained supply, the path of least resistance for FANG appears to be higher. Stay long. The $144 area is our first price target.
