GSX has undergone one of the most powerful bottoming formations possible
after being in decline for over a year, GSX recently broke out above its 150 Moving Average on massive volume
News of Oil production coming via a $30 million partnership deal with Wapiti on the Uinta Basin drove powerful spike in buying.
Balance sheet now loaded with cash after the deal and Wapiti will fund 100% costs of production
The powerful rally launched GSX into a CONFIRMED STAGE 2 BREAKOUT
***STAGE 2 BREAKOUTS LEAD TO MULTI-MONTH/YEAR RALLIES which often go PARABOLIC ***
recent pullback on low volume back to the breakout point at the 150 MA confirms this move as GSX bounced hard off the 150 MA
This is normal price action on low volume and there will be a wave of buyers as there is heavy interest now in GSX
*** GSX has transformed itself from nat gas to OIL producer ***
Nat Gas is also near long term cycle low
GSX insider buying without selling
THE DEAL WITH WAPITI was a complete GAMECHANGER for GSX
**** CONFIRMED STAGE 2 BREAKOUT ****
accumulate GSX on any dips be if you wait, be prepare to pay up or watch the parabolic move from the sidelines.....
Get ready for new 52 week high
Lets see now, 1.1 million / well at 75% of 100 dollars / bbl times an optimistic 5 BOPD. I think your telling me the 12th of never would be about right. Not what I hoped for however we got some more plays left in the old ball game.
LONG & STRONG A minor set back. It's only money!!!! Not life or death.
Get yourself a copy of Stan Weinsteins secrets for profiting from bull markets & bear
Stage 2 breakouts lead to the most powerful, low risk entry you can find
GSX is on the verge of a multi-month bull run
oil production is a gamechanger
the Chart is a PICTURE PERFECT STAGE 2 BREAKOUT!
DENVER and HOUSTON, March 26, 2012 /PRNewswire/ -- Gasco Energy, Inc. (NYSE Amex: GSX) ("Gasco") and Wapiti Oil & Gas II, L.L.C. ("Wapiti") today jointly announced that a Gasco Energy, Inc. subsidiary, Gasco Production Company ("Gasco Production") and Wapiti closed their previously announced transaction in which Gasco Production (I) sold to Wapiti an undivided 50% interest in certain of its Uinta Basin producing oil and gas assets for an aggregate amount of $19.1 million in cash and other consideration and (II) transferred to Wapiti an undivided 50% interest in its Uinta Basin non-producing oil and gas assets in exchange for, among other agreements, Wapiti's commitment to fund $30 million of the drilling and completion costs associated with the exploration and development of the transferred assets.