First, it's more of a natural gas play than oil. Why did it fall? They had a new stock offering which typically causes the stock price to fall. It happened about the same time that natural gas fell to $2.50.
Why did the stock rise? I assume it was because contrarian value investors like myself (only ones with a lot more money than me, LOL!) started looking for natural gas stocks once they heard that n.g. had fallen so low. Then n.g. started to rise.
I was attracted to it partially because of the new equity offiering. The distressed REITs I owned in the Spring all had big stock price up moves up after they had issued new stock. I had never heard of PETD in August. Now it's my largest individual stock holding.
Why is it stalled now? No particular reason. Stocks don't move in straight lines. N.G. has been moving erratically, too. I have stops in place in case n.g. collapses. But I'm not expecting that. The stock is in the 18's now. I think the next 10 points are higher, not lower. Who knows. No guarantees from me!! But I think we'll make a run to $30.