Pioneer Natural Resources near Support

Published on Tuesday, 31 August 2010 07:56 Written by Danny Miller

New York, August 31st (TradersHuddle.com) - Shares of Pioneer Natural Resources Company (NYSE:PXD) are trading very close to calculated support at $55.80 with current price action closing at just $58.13 places the stock price near levels where traders will start paying attention.

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 $55.80 and by the resistance level at $59.21, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Pioneer's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $59.21 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.