NEW YORK (TheStreet) -- Shares of Pioneer Natural Resources (PXD) - Get Report are retreating 0.17% to $163.86 in early afternoon trading on Thursday.
Oil prices are lower today even though the International Energy Agency (IEA) boosted its 2016 global oil demand growth outlook today to 1.2 million barrels per day from its April guidance of 1.16 million.
Crude oil (WTI) is down 1% to $45.77 per barrel and Brent crude is declining 1.53% to $46.87 per barrel this afternoon.
The Irving, TX-based company is engaged in oil and gas exploration and production.
TheStreet'sChris Versace and Bob Lang of Trifecta Stocks have identified Pioneer Natural Resources as the "Chart of the Day." Here is what Versace and Lang had to say about the stock:
Since bottoming at the depths of the crude oil lows in early February, Pioneer Natural Resources has had an amazing run, up nearly 50% or so on pretty robust turnover.
The run to $150 from about $105 has been nearly unimpeded, and tough to get on board. Volume swelled end of April in a blow-off fashion and now the stock is consolidating on lower turnover -- what you like to see after a big run.
Relative strength is holding up nicely, and while the moving average convergence divergence (MACD) crossed over to a sell signal, that may just be a pause as price tries to figure out which direction from the triangle. That next move is likely up.
