Centennial Resource Development, Inc. (CDEV Stock) should supported and extend higher

Centennial Resource Development, Inc. (CDEV), is an independent Oil & Natural gas company from Energy Sector, focuses on the development of unconventional oil & associated liquid-rich natural gas reserves in the US. It trades under the CDEV ticker at Nasdaq.

CDEV – Elliott Wave view on daily chart

Since 2016, CDEV made an all-time low at $0.24 in April-2020 during the global sell-off in early last year. Thereafter it started higher high sequence as an impulse & favors ((5))the wave up.

It started the impulse sequence as ((1)) from April-2020 low & ended at $2.21 high on 6/08/2020. The ((2)) was quite dip correction as 0.854 retracements against the previous cycle & ended at $0.51 low on 9/10/2020. Thereafter it started ((3)) as an extended move & favored ended at $7.52 high on 6/23/2021. While below there it placed ((4)) at $3.90 low on 8/20/2021. Thereafter it extends higher as the part of ((5)) up. It confirmed the higher high sequence by breaking above the previous high of ((3)). It suggests the next extension is higher in progress as (1) expecting one more high before it starts pulling back in (2). As far as the dips remain above $3.90 it expects to extend higher in ((5)).

Alternatively, it has finished the impulse as I red at June-2021 peak & the correction as II at August- 2021 low & until dips remain above August low, it expects to extend higher as the part of III as shown in alternate view below. So both the views suggest that pullback should be supported and extend higher.