Parsley Energy Is Cooking
Gregory W. Harmon | Sep 03, 2015 12:54PM ET
Parsley is a universal herb, adding flavor to almost any dish. Parsley Energy (NYSE:PE) is an oil and natural gas exploration and production company based in Texas.
The chart below shows that over the past year it has been bouncing against a resistance zone from 18.50 to 19. Support has shown up at 13.35 with on each touch. With the price moving higher, now, it has short-term resistance at 17.20 to surmount and then the path to 18.5 is clear.
Momentum indicators are supportive of a continued move higher. The RSI is rising and in the bullish zone, while the MACD is rising as well. But if the stock close with the two long shadows on the current candlestick, all that could fail and it would revert back to the base. Not to worry, though, as that's just another opportunity to make money under 16.60 down to 13.35.
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