When I see a lot of stocks in the same industry forming explosive chart patterns, it gets my attention. That’s why I took particular notice of Pioneer Natural Resources (PXD) as it formed a 12-week consolidation area.

Oil and gas stocks had been among the market’s leading performers, and I identified two other leaders that had strong earnings credentials and other fundamentals that were setting up at the same time. I featured Pioneer in my May 28th subscriber update.

The stock had tried to break out on May 7th, but was forced back under my buy point due to challenging market conditions. Here’s PXD’s chart:

On May 29th, Pioneer roared out of its base on twice it’s average daily volume, and by the close of trading on June 13th, helped by civil war in Iraq, it was nearly $21/share higher– a twelve day move.

And what about the other two leading oil and gas stocks I also featured? Well, they broke out for nice moves, too!

I welcome your comments.

–pj