On Wednesday after the market close, the Irving, TX-based independent oil and gas company company reported an adjusted loss of 22 cents per share, which was narrower than an expected 34-cent loss.
However, revenue for the period was $786 million, falling short of estimates of $793.6 million.
Pioneer Natural Resources had pulled back modestly from its recent highs in late April, but it was only modest pullback, and the downtrend channel was well defined.
On Thursday, however, Pioneer was lifted through the upper end of the channel — and on higher volume, which is a good start to a new uptrend. The Moving Average Convergence Divergence is now on a buy signal, and has confirmed, but we would like to see Relative Strength improve. If crude turns around and goes up, Pioneer will be a place to go for higher prices.
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