Pioneer Hits Year-to-Date Highs

Pioneer Natural Resources (PXD) is hitting new 2014 highs today. The independent energy company is up just shy of 4% on accelerating trading as a new leg higher appears to be taking shape. Early in today's action, Pioneer broke through the upper trendline of a three-week consolidation, and it has remained well bid since. This bullish move has pushed shares past the previous May high of $209.75 and puts it back on course for a retest of the all-time highs.

Back on May 7, Pioneer surged more than 5% on its heaviest upside trade in nine months. After the stock cleared the $206 area, the earnings-driven move lifted it to new 2014 highs. Despite the powerful bump up in volume, Pioneer was unable to build on the move and quickly fell into a consolidation pattern. Heavy resistance near the March and April highs remained stubborn as the stock pulled back on very light trade. During this three-week process, support at the $200 area held in well, allowing the stock to remain near the top of its three-month range. This healthy post-May 7 action set the stage for today's breakout....106 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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