Company Description: Pioneer Natural Resources Company engages in the exploration and production of oil and gas in the United States, South Africa, and Tunisia. It produces crude oil, natural gas, and natural gas liquids (NGLs). The company primarily holds interests in the Spraberry oil field located in West Texas, the Raton gas field located in southern Colorado, the Hugoton gas field located in southwest Kansas, and the West Panhandle gas field located in the Texas Panhandle. As of December 31, 2009, it had proved undeveloped reserves and proved developed reserves of approximately 186 million barrels (MMBbls) of oil, 66 MMBbls of NGLs, and 870 billion cubic feet of gas. The company was founded in 1997 and is based in Irving, Texas.

Our Analysis: The shares of Pioneer Natural Resources Co. 'PXD' set a new yearly closing high on significantly heavier than normal trading volume. This is a bullish trading signal. Early March of this year the shares of 'PXD' completed a "cup pattern" with a measured move to our initial price target of $62.88/share. If the shares of 'PXD' close above that level, then I expect them to continue to move higher and test our secondary price target of $63.10/share, a point of upside resistance established on August 27th of 2008. On a longer term basis, I see the shares of 'PXD' testing $73.50/share on a closing basis. I see downside support on the shares of 'PXD' @ $60.40/share, and have set my stops accordingly at $60.97/share.