Company: Petron Corporation
The stock has been on a general downtrend since early Feb, dragging it below the key short- and long-term moving averages. The 3.18 level proves to be a relatively strong resistance as PCOR attempted to break out a couple of times.
The indicators are mixed but are leaning to the downside. To wit, the RSI is in the selling territories with a slight downward bias. The DMIs have strong bearish signals, but the ADX is already showing signs of weakening. Only the MACD is showing increasing bullish signals.
The lack of clear momentum will likely limit PCOR’s uptrend in the near term and fuel some healthy pullback.
Trade the range.