PDC Energy (PDCE) Stock Pointed Higher with a 10% Upside

Here's an energy name with a good looking chart: PDC.
By Bruce Kamich ,

NEW YORK (TheStreet) -- I found another one: PDC Energy (PDCE) - Get Report , an energy name with a good looking chart!

What's different about this chart above? PDCE made its low in July ahead of the general market in the August-September period. Prices for PDCE started a back and forth rally with PDCE making new 52-week highs now. The On-Balance-Volume (OBV) line is rising nicely and the Moving Average Convergence Divergence (MACD) oscillator is in positive territory.

In this longer-term chart, above, for PDCE we can see that the OBV line has been rising for a year! The MACD line is in positive territory, and prices are above the rising 40-week Moving Average, so mathematically, we are in an uptrend. We would buy or add to longs on PDCE with a sell stop at $59 for now. On the upside we look for $70 as our initial target and $80 as a longer-term objective based on a Point and Figure count.

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