PXD climbs to highest close since October 10, 2018
Pioneer Natural Resources Company (PXD) Technical Analysis Report for Apr 18, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PXD ended Thursday at 175.06 gaining $2.06 (1.19%), significantly outperforming the S&P 500 (0.16%) ahead of tomorrow's Good Friday market holiday. Today's close at 175.06 marks the highest recorded closing price since October 10, 2018. Closing above Wednesday's high at 174.72, the market confirmed its breakout through the previous session high after trading up to $1.19 above it intraday.
Daily Candlestick Chart (PXD as at Apr 18, 2019):
Thursday's trading range has been $3.34 (1.93%), that's slightly below the last trading month's daily average range of $3.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for PXD.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 153.84. The last time this happened on April 1st, PXD lost -1.86% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Pioneer Natural. Out of 443 times, PXD closed higher 49.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.21% with an average market move of 0.98%.