Parsley Energy is cooking with herbs

• Posted by Greg Harmon
• on September 3rd, 2015

Parsley is like a universal herb, adding flavor to almost any dish. Despite the picture, Parsley Energy ($PE) does not base its business on making energy from the herb. They are an oil and natural gas exploration and production company based in Texas.

The chart below shows that over the past year it has been bouncing against a resistance zone from 18.50 to 19. Support has shown up at 13.35 with on each touch. With the price moving higher now, it has short term resistance at 17.20 to clear and then the path to 18.5 is clear.

Momentum indicators are supportive of a continued move higher. The RSI is rising and in the bullish zone, while the MACD is rising as well. But should the stock close with the two long shadows on the current candlestick, all this could fail and it reverts back to the base. Not to worry as that is just another opportunity to make money under 16.60 down to 13.35.

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