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Possible Bearish Inside Day Candle Pattern Detected for Pioneer Natural (NYSE:PXD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pioneer Natural (NYSE:PXD) based on the price action in the company's shares. Yesterday's price range of $156.08 and $157.80 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Pioneer Natural may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Pioneer Natural have traded between a low of $114.79 and a high of $178.22 and closed yesterday at $156.25, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

Pioneer Natural Resources Company is an independent oil and gas exploration and production company. The Company engages in onshore oil and gas drilling, exploration, and production in the United States.

There is potential upside of 49.7% for shares of Pioneer Natural based on a current price of $156.25 and an average consensus analyst price target of $233.88. The stock should discover initial support at its 200-day moving average (MA) of $140.04 and subsequent support at its 50-day MA of $137.14.

SmarTrend recommended that subscribers consider buying shares of Pioneer Natural on December 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.70. Since that recommendation, shares of Pioneer Natural have risen 19.1%. We continue to monitor PXD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pioneer natural

Ticker(s): PXD