Will Par Pacific's Next Stock Move Be Up or Down?

Par Pacific Holdings (PARR) is a Houston-based American oil and gas exploration and production company. The stock has been stalled the past five to six months and the question is the next move up or down for the stock.

Let's check out the charts and indicators.

In this daily bar chart of PARR, below, I can see the rally in PARR has stalled or has been rebuffed several times in the $36-$38 area since August. Prices have been trading around the 50-day moving average line but are still above the rising 200-day line.

The On-Balance-Volume (OBV) line has been in a definite decline since August as prices traded sideways. A weak OBV line tells us that sellers of PARR have been more aggressive than buyers for the past six months.

The Moving Average Convergence Divergence (MACD) is crossing below the zero line for an outright sell signal. 

In this weekly Japanese candlestick chart of PARR, below, I can see some bearish signals. Can you see the upper shadows on the candles in December? Do you see the bearish engulfing pattern in January? These are subtle clues that traders are bearish.

The weekly OBV line has been stalled while the MACD oscillator has been weakening since September.

In this daily Point and Figure chart of PARR, below, I can see a downside price target in the $25 area.

In this weekly Point and Figure chart of PARR, below, I can see a potential upside price target in the $46 area but a trade at $32.28 will start to weaken this chart.

Bottom line strategy: Traders who are long PARR should raise sell stops to $31.90. The next move in PARR is most likely down.

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