Pioneer Natural Resources near Key Resistance Area

Published on Tuesday, 16 March 2010 08:28 Written by Christian Paolinetti

New York, March 16th (TradersHuddle.com) - Shares of Pioneer Natural Resources Company (NYSE:PXD) are trading very close to calculated resistance at $52.85 with the current price action closing at just $52.10 placing the stock near levels that make it difficult to buy.

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 current calculated support defined at $44.57 and by the resistance level at $52.85, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Pioneer Natural Resources, as the stock is well above support, however, as the stock pulls back towards $44.57 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $52.85 then traders will get an opportunity to enter Pioneer Natural Resources stock by establishing a position as the stock moves to a higher range.