The Fibonacci levels look to be playing a key role in the reversal, a break above the .236Fib should result in a swift move to the $33.00 region for a nice 10% gain.
Indicators are turning bullish and volume has spiked.
Here is a multi-timeframe look at PDC Energy. The daily chart on the left shows a simple A-B-C correction that was neatly confined with a parallel corrective channel. Since establishing a swing low at the bottom of the channel, PDC has rallied back to and through the channel's mid-point. This suggests that the stock may be headed back to the top of its range above...
An intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
$PDCE positioned well when oil $USO rebounds and it will. Colorado drilling ban rejected and stock popped to $53 on the news. I am buying large under $39 here. $PDCE has strong assets in Delaware Basin and Wattenberg.