Newfield Exploration Co. : The correction could continue
In a bearish trend, Newfield Exploration continues to decline and going to down again.
The fundamental situation of the company remains fragile. Currently, the company is trading 2.46 times its sales, which is still a significant valuation for the company.
Technically, the share is in a downward trend. The moving averages are decreasing and are still above prices, thereby stopping any rebounds. The security is going toward the USD 23.7 support, a level that will represent the first target.
Taking into account fundamental and technical elements, investors can initiate a short position with a price target at USD 23.7. A return towards USD 30.11, the short-term resistance area, will invalidate the bearish strategy, which justifies a stop loss.
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