PXD closes above its opening price after recovering from early selling pressure
Pioneer Natural Resources Company (PXD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
PXD finished the week 11.54% higher at 92.42 after losing $0.51 (-0.55%) today on low volume, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.77 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 8th, PXD actually lost -6.17% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (PXD as at May 22, 2020):
Friday's trading range has been $1.89 (2.06%), that's far below the last trading month's daily average range of $4.89. Weekly volatility is also lower, being 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 87.52 and 94.47 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical resistance level at 93.69 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 93.69 where further buy stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Pioneer Natural. Out of 778 times, PXD closed lower 52.06% of the time on the next trading day after the market condition occurred.