Right on track to hit $15 this week. At this rate we may hit that by Wednesday. I think we hit $17 in August and make new highs in September. We're nicely above the 200 day moving average and the 50 day moving average is about to cross above the 200 day moving average which is VERY BULLISH! The only overhead resistance is the 52 week high of $17.58. Once we take that out, sky's the limit!
NatGas prices are at rock-bottom prices due to over supply. Even in this tough economy RPC remained profitable.
What will happen when the glut of NatGas is consumed, prices rise, and drilling operations are increased to meet demand?
I agree with your assessment that RPC will climb to $17 but I don't think it will happen until late this year or early next year. I fully expect a pullback to $10 before it goes up higher.
I acquired RES before the split and had planned to sell when a short squeeze raised the price but I decided since NatGas is at historically low prices and probably at a bottom it made sense to hold this one for a year or two.
I sold RES and bought IO which reports on Monday. Read last qrt's conference transcipt and see what you think. I am expecting a good qtr with good forecast. I have traded it the last several qtr's and I expect the last half of the year to outpace the first half. 8-9 is my short term target and 10-11 by year end assuming management doesn't throw in a negative ringer into their forecast.