Long PDCE
Here is a multi-timeframe look at PDC Energy. The daily chart on the left shows a simple A-B-C correction that was neatly confined with a parallel corrective channel. Since establishing a swing low at the bottom of the channel, PDC has rallied back to and through the channel's mid-point. This suggests that the stock may be headed back to the top of its range above $50, which would be about 15% higher than current levels.
Drilling down to a 60m chart on the right, we can count what may be a series of Wave 1 / Wave 2 impulses higher. Price has found support above the mid-point of the longer-term channel and has also shown good support within a shorter-term impulsive channel. It's also worth noting that price has not retraced into the territory of a prior correction during the move off the low, which is a sign of underlying strength. If this bullish count is correct, PDC should see a swift continuation of the rally in an extended Wave 3 that would take price back to the top of longer-term range. Initiating a long position at market with a soft price target at $55.
Drilling down to a 60m chart on the right, we can count what may be a series of Wave 1 / Wave 2 impulses higher. Price has found support above the mid-point of the longer-term channel and has also shown good support within a shorter-term impulsive channel. It's also worth noting that price has not retraced into the territory of a prior correction during the move off the low, which is a sign of underlying strength. If this bullish count is correct, PDC should see a swift continuation of the rally in an extended Wave 3 that would take price back to the top of longer-term range. Initiating a long position at market with a soft price target at $55.
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