Parsley Energy Inc (NYSE: PE)

Parsley Energy, Inc., an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin located in West Texas and Southeastern New Mexico. As of December 31, 2014, its acreage position consisted of 133,274 net acres, including 103,036 net acres in the Midland Basin and 30,238 net acres in the Delaware Basin; and estimated proved oil and natural gas reserves were 90.9 MMBoe.
Take a look at the 1-year chart of Parsley (NYSE: PE) below with my added notations:

PE has formed a clear resistance at $18 (red) over the last 2 months. In addition, the stock has been climbing a short-term, trend line of support (green) since the beginning of March. These two levels combined had PE stuck within a common chart pattern known as an ascending triangle. Eventually, the stock will have to break one of those levels.

The Tale of the Tape: PE is trading within an ascending triangle. A long trade could be made at the trendline support or on a break above $18. A break below trendline would be an opportunity to enter a short trade.
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