Penn Virginia Corporation, an independent oil and gas company, is
engaged in the exploration, development, and production of crude oil,
natural gas liquids, and natural gas in various onshore regions of the
United States. Its operations include the drilling of unconventional
horizontal development wells in shale formations primarily in the Eagle
Ford Shale in South Texas. The company also has operations in the
Granite Wash in the Mid-Continent, the Haynesville Shale and Cotton
Valley in East Texas, the Selma Chalk in Mississippi, and the Marcellus
Shale in Pennsylvania. As of December 31, 2013, it had 1,213 productive
wells; owned approximately 280,400 acres of leasehold and royalty
interests; and had proved reserves of approximately 136 million barrels
of oil equivalent.
To review Penn’s stock, please take a look at the 1-year chart of PVA (Penn Virginia Corporation) below with my added notations:
Since October of last year PVA has worked its way higher. Over the
last 3 months though, the stock has formed a key level of resistance at
$18 (red). That resistance is also a 52-week high resistance. After a
sharp drop back in May, the stock appears to be headed back up towards
its $18 resistance.
The Tale of the Tape: PVA has an $18, 52-week high
resistance level to watch. A long trade could be made on a break above
that $18 with a stop placed below it.
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