Petroquest Energy Inc (NYSE:PQ) Edges Down On Strong Resistance

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Dallas, Texas 05/02/2014 (FINANCIALSTRENDS) – Petroquest Energy Inc (NYSE:PQ) edged down by more than 2% on Thursday after witnessing significant gains in the last couple of days. The stock recovered from its intraday low of %5.66 to close at $5.88.

Petroquest Energy Inc (NYSE:PQ) seen a substantial upside in this year with a slight neutral trend in the month of March, it seems like the stock has again picked up momentum and will continue to scale upwards from the current levels. The stock looks positive and should breakout above $6 levels to see an upside.

The stochastic oscillator for Petroquest Energy Inc (NYSE:PQ) on the daily charts is giving buy signals, the oscillator is near the 80 mark but still has the potential to scale upwards, this implies the stock may continue to scale upwards from the current levels. The relative strength index has curved downwards indicating some selling in the stock; we believe the stock is near its 52 week high and might face some resistance in the upward movement. The stock should break above and sustain above $6 levels to continue with the up move.

The technical indicators on the weekly charts suggest the stock is overbought and the stock should see some selling in the stock in the next few trading sessions, we believe the stock should see some correction in the next few trading session with a support around $5.5 levels.

On an upside the stock has a strong resistance around $6.18 levels and on the downside the stock has a good support around $5.5 levels. On a close below this level, the stock could easily test $5.01 levels. 

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Petroquest Energy Inc. will be releasing its first quarter 2014 results on May 6, 2014. The management will be holding a conference call on the same date before the markets open  at around 9:30 a.m. eastern time.

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