Buyers Accumulating Shares of Plains Exploration & Production on 1.8x Above-Average Volume (PXP)

Published on Thu, 02/21/2013 - 14:15
By Peter Chu in Unusual volume, PXP, nyse:pxp, plains exploration & production, unusual volume

Shares of Plains Exploration & Production are trading up 0.2% to $45.64 today on above average volume. About 2.1 million shares have been traded today, as compared to the 30-day average volume of 1.2 million shares. Spikes in volume can validate a breakout or signify a potential turning point.

Plains Exploration & Production has overhead space with shares priced $45.64, or 9.4% below the average consensus analyst price target of $50.36. The stock should find resistance at its 50-day moving average (MA) of $47.00, as well as support at its 200-day MA of $39.86.

Plains Exploration & Production Company is an independent oil and gas company with onshore and offshore operations in California, West Texas, East Texas and the Gulf Coast region. The Company is primarily involved in the upstream activities of acquiring, exploiting, developing, and producing oil and gas.

Over the past year, Plains Exploration & Production has traded in a range of $30.12 to $48.47 and is now at $45.64, 52% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

By Peter Chu
pchu@fnno.com

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