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Penn West Petroleum Ltd. Message Board

  • mattreks mattreks Apr 22, 2008 11:33 PM Flag

    PWE and The Amazing Chart

    Longs, you’ve got to love it!

    For over a week PWE has closed up. In fact, it’s closed up every day for the last seven trading sessions and that made me wonder. When was the last time PWE had such a streak?

    I couldn’t find one on my charts!!

    Not surprising, as I couldn’t find a time when we enjoyed such high energy prices either! So, with the chart beginning a hyperbolic advance flexing a 10% gain in seven days, I’m beginning to wonder how high we will go until we get a short term consolidation.

    On my three month chart, the OBV is off the chart!

    Given the climate centering around energy prices obviously the street thinks PWE is undervalued – But short term, how high will it go? I said in an earlier post, I thought the stock could run to the next resistance (around $33.04) before earnings. I know you dividend addicts are going to hold and smile, but I’d like to hear what some of the traders are thinking of doing.

    What’s your exit strategy?

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1.81-0.04(-2.16%)Sep 30 4:02 PMEDT