If NOG misses earnings yet "again" we could see the major support at 15 being challenged by early May. That would then lead to a retracement of the upper single digits by late June.
I know, I know you're saying but Power how could this be? It's called having the ability to draw a simple line on a chart. Any first grader can do it so I'm sure all of you can handle this complex task. Now here's a tricky question. Does anyone know which way the line has been pointed for the past 30 days? Anyone? anyone? Buehler? Well the answer is down. The trend line is still firmly in place and the drop from near 34 to 24 in 30 days wasn't by accident. Do yourself a favor and call 1-800 how do I read a chart? It'll save you your kids college tuition and you're welcome for the advice.
North Dakota and NOG are one of those things that will see huge swings over the next 20 years. With the amount of oil under ND, I think NOG will eventually be a 20 billion dollar company. It will take time, but going long for 20 years is a sure way to become very wealthy.
You sir do not know how to read a chart. Look at the three year. Since July 2009, this stock has been steadily rising with rising 200 dma as support along the way in three critical circumstances. NOG has come too far too fast lately, so this correction was necessary. Really doubt this goes lower than 21.5 (200 dma and also last Nov peak). This held support from Jan already at ~24, and is quite oversold now, so likely starts bouncing from here. How can you ignore a 30% quarter over quarter production growth forecast? Hope you do not lose your wad shorting this gem.
GL with your long position. You've been warned in the upper 20's to cover and enjoy your profits. If you believe the broader market will continue onward and upward I would agree with you but that's simply not the case unless Bernanke pulls QE3 out of his hat. You don't have to believe me or any other short but NOG's share price will soon reflect this new reality. I wonder why PIMCO started shorting government debt? Hmmmmmm?
P.S. Analyst are notorious for being behind the curve with their share price predictions. If you follow their rec's you'll lose your shirt.
•Northern Oil & Gas (NOG: 24.51 -5.44%) “outsource everything” model seems to be running on all cylinders. The company is looking to triple its earnings this year to $195 million, according to Northern CEO Michael Rege. In 2012, it should nearly double to about $350 million.