When we reviewed the charts of Pioneer Natural Resources (PXD) on December 28 we wrote that, "Traders could repurchase PXD at current levels or on strength above $189.74. Risk to $165 this time. The $222 area is our price objective." PXD reached our price target in February and has continued much higher. In our April 7 review we continued our bullish stance.
Let's check on the charts again.
In the updated daily bar chart of PXD, below, we can see that PXD has continued its upward trend. There was a small "shakeout" in April where prices retested and temporarily broke the rising 50-day moving average line.
Trading volume has remained active and the On-Balance-Volume (OBV) line has continued to rise to confirm the price increase and tell us that buyers of PXD are more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line