Diamondback Energy (FANG) began trading on the NASDAQ in October 2012

Diamondback Energy (FANG), which drills for oil and gas in the Permian Basin in West Texas, slipped a fraction in weak volume. It's been trading in tight fashion in recent weeks and is extended 9% above a 58.80 buy point. The stock ran quickly up its 10-week moving average after going public in Oct. 2012. It corrected late last year to shape its latest pattern, which is fourth stage and therefore highly risky.

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Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. The company's activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations. As of December 31, 2013, its net leasehold acreage in the Permian Basin was approximately 65,938 net acres; and estimated proved oil and natural gas reserves were 63,586 thousand barrels of crude oil equivalent. The company also held interests in 306 net producing wells in the Permian Basin. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.