PXD breaks back below 20-day moving average
Pioneer Natural Resources Company (PXD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
PXD finished the week 1.02% higher at 139.23 after edging lower $0.81 (-0.58%) today on low volume, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PXD as at Feb 14, 2020):
Friday's trading range has been $3.57 (2.54%), that's slightly above the last trading month's daily average range of $3.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PXD. Prices continued to consolidate within a tight trading range between 135.48 and 141.14 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 137.16 (S1). The market closed back below the 20-day moving average at 139.49. After having been unable to move above 140.58 in the prior session, the share ran into sellers again around the same price level today, missing to move higher than 141.14. The last time this happened on Wednesday, PXD actually gained 1.77% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 142.97 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 136.12 where further sell stops might get triggered. With prices trading close to this year's low at 132.29, downside momentum could accelerate should Pioneer Natural break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for Pioneer Natural. Out of 774 times, PXD closed lower 51.94% of the time on the next trading day after the market condition occurred.