WPX Energy, Inc., an independent natural gas and oil exploration and
production company, engages in the exploitation and development of
unconventional properties in the United States. The company focuses on
exploiting natural gas reserves base and related natural gas liquids in
the Piceance Basin of the Rocky Mountain region, as well as developing
and growing oil positions in the Williston Basin in North Dakota and the
San Juan Basin in the southwestern United States. As of December 31,
2014, it had proved reserves of 4,360 billion cubic feet of gas
equivalent. WPX Energy, Inc. was incorporated in 2011 and is
headquartered in Tulsa, Oklahoma.
Take a look at the 1-year chart of WPX (NYSE: WPX) with the added notations:
WPX has been in a solid downward slide since its September peak.
However, over the last 3 months the stock has been finding support at
$10 (green). Now that the stock is there again, traders should be able
to expect some sort of bounce. However, if the $10 support were to
break, much lower prices should follow.
The Tale of the Tape: WPX has a key level of support
at $10. A trader could enter a long position at $10 with a stop placed
under the level. If the stock were to break below the support a short
position could be entered instead.
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