Diamondback Energy Inc. (FANG) stock price showed a trendline breakout above $120 and noted a rally in the past sessions. Moreover, the stock trades beyond the key moving averages and shows bullishness on the charts. Furthermore, the rounding bottom pattern was noted, which suggests an extent of uptrend. If the price surpasses $150, it will lead to a massive surge beyond the trajectory of $155, followed by $160 in the next sessions.
The chart favors bulls who persisted in accumulating the stock and were ready to catch follow-on buying toward the round mark of $150. As per the Fib levels, FANG stock broke the trendline near the 38.2% level and the buying continued from the past sessions. Currently, the price is close to 61.8% and takes a pause. However, the price trades on the verge of the upper bollinger band, which suggests strong bullish momentum.
Diamondback Energy, Inc. is an independent oil and natural gas company which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments.
The Upstream segment focuses on the Permian Basin operations in West Texas. The Midstream Services segment is involved in the Midland and Delaware Basins. The company was founded in December 2007 and is headquartered in Midland, TX.
At press time, FANG stock price was traded at $146.04 with an intraday gain of 1.10% showing bullishness on the charts. Furthermore, the trading volume increased by 1.09% to 2.45 Million, and the market cap is $26.447 Billion.
As per the technicals, Analysts maintained a strong buy rating with a one-year target price of $167.79.
FANG Stock Daily Charts Show Bullishness
FANG stock price shows bullishness on the daily charts and is ready to catch $150 ahead of its Q2 earnings results. However, FANG stock is all set to deliver its Q2 earnings results next week, which investors are waiting for.
Furthermore, FANG stock has corrected from the top of $170 and is now looking to retest the swing highs favoring buyers who were making long positions.
As per the ongoing trend, Diamondback Energy Inc. stock has the strong support of $130 where a 100-day EMA exists, whereas $150 is the strong resistance mark.
Short Term Charts Suggesting Follow on Buying
On the 4-hour charts, FANG stock is trading in a strong uptrend, and the leading indicators suggest a follow-on buying in the upcoming sessions.
The RSI curve stayed in the overbought zone and formed a positive divergence suggesting a rise toward $150 followed by $155 for the next sessions.
The MACD indicator shows a bullish crossover; green bars reflect the buyers’ strength. Moreover, it indicates a strong momentum and upcoming breakout.
Conclusion
Diamondback Energy Inc. (FANG) stock price is trading in an uptrend, reflecting strength on the charts. Moreover, the technical parameters suggest an upcoming breakout above the 61.8% Fib levels, indicating further bullishness.
Technical Levels:
Support Levels: $130
Resistance Levels:$150 and $158
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/26/will-fang-stock-nasdaq-fang-meet-150-ahead-of-q2-results/