Bears Appeared - Pioneer Natural Resources

Published on Thursday, 29 July 2010 08:18 Written by Christian Paolinetti

New York, July 29th (TradersHuddle.com) - Shares of Pioneer Natural Resources Company (NYSE:PXD) ended the trading session higher by $0.25 or 0.42% from its previous close. Pioneer's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas exploration and production company with operations in the United States, South Africa, and Tunisia.

Pioneer's current stock range is defined by calculated support defined at $57.88 and by the resistance level at $61.26, which should be used by traders planning their trades.

Traders wanting to establish a position in Pioneer Natural Resources stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Pioneer Natural Resources shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: