PETROLEUM DEVELOPMENT CP
(PETD-Nasdaq):
Technical Viewpoint: From a low
of $47.96 on Nov 27, 2007 prices
rallied, reaching a
high of $61.91
on Dec 26, 2007. A
decline saw prices pull back, reaching a
low of
$50.75 on Jan 23, 2008.
Another rally saw prices penetrate
resistance, closing 2/8/08
at $67.92. Technicals: MACD Index (MACD): A Buy Alert!
was given on Feb 4, 2008 when the solid line crossed the dotted line to the upside.
Support: Remains at $59.00. Resistance: Is at None at current levels.
Point & Figure: Reversed to the upside on Feb 8, 2008. A P&F upside
reversal takes place at $65.00. Summary: Technical indicators have turned bullish. BUY! PETROLEUM DEVELOPMENT CP
(PETD-Nasdaq) @ $68.25 Stop: Use a protective stop of $65.75.
PETROLEUM DEVELOPMENT CP is currently trading @ $67.92 plus $5.26 on Feb 8, 2008. Price Objective:
$79.50. Risk/Reward: $2.50 VS. $11.25. Today's Risk Reward Ratio: 5:1
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