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Pioneer Natural Resources (PXD) Approaches New Downside Target of $123.41

Published on Fri, 03/01/2013 - 13:40
By Mallory Stone

Pioneer Natural Resources (NYSE:PXD) has opened bearishly below the pivot of $125.73 today and has reached the first level of support at $124.61. Should the shares continue to fall, the support pivots of $123.41 and $121.09 will be of interest.

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

Potential upside of 8.3% exists for Pioneer Natural Resources, based on a current level of $124.12 and analysts' average consensus price target of $134.37. Pioneer Natural Resources shares have support at the 50-day moving average (MA) of $116.78 and additional support at the 200-day MA of $102.94.

In the past 52 weeks, Pioneer Natural Resources share prices have been bracketed by a low of $77.41 and a high of $133.68 and are now at $124.12, 60% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.4%.

By Mallory Stone