WPX Energy Inc (NYSE: WPX)

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.
Take a look at the 1-year chart of WPX (NYSE: WPX) with the added notations:

After its steep decline towards the end of last year, WPX has been trading in an overall sideways move since the beginning of 2015. And during that time, the stock had also created an important level of support at $10 (red). Now that the stock has broken that support, lower prices should follow.

The Tale of the Tape: WPX broke a key level of support at $10. A trader could enter a short position on any rallies up to or near $10 with a stop placed above the level. If the stock were to break back above the $10 level, a long position might be entered instead.