Bet on Pioneer Natural Resources Stock Rebound

Premiums are attractively priced, too

Deputy Editor
Nov 16, 2023 at 12:46 PM
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Pioneer Natural Resources Co (NYSE:PXD) stock is down 1.9% at $230.63 at last glance, and in danger of of falling below its year-to-date breakeven mark. While PXD is also down 3.5% this month, traders shouldn't fret just yet, as a recent pullback placed it near a trendline with historically bullish implications.

More specifically, Pioneer Natural Resources stock is trading just one standard deviation away from its 100-day moving average. According to our Schaeffer's Senior Quantitative Analyst Rocky White, PXD saw five similar signals in the last three years, settling higher one month later 80% of the time, with an average 11.3% gain. A similar move would put the stock above $256.50, just below its Oct. 19 peak of $257.76 for 2023.

PXD Chart November 162023

Attractively priced premiums make now an excellent time to gamble on PXD's move higher. In fact, the security's Schaeffer's Volatility Index (SVI) of 23% ranks in the 19th percentile of its annual range, suggesting options traders are now pricing in lower-than-usual volatility expectations. 

 

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