Yup, NYC and should happen during the 'shoulder season', barring a major supply interruption. The lower we go, greater will be the influence of outside unanticipated event. Soon be ready to sit squarely in the saddle.
That has been my opinion since last year, we will touch the low of the 2008-09 down cycle. In the meantime some trading may bring reward?????
Appears sponsorship is trickling in. I would of expected SP to be testing year low.
Just wait for the fall shoulder for a test of conviction.
1. gap(.44-.49) will close eventually.
2. 60% corr off .81 Hi is .54.
3. So .45-.54 good buy target if up trend has legs.
US Energy Corp forms bullish "Double Bottom" chart pattern
Recognia has detected a "Double Bottom" chart pattern formed on US Energy Corp (USEG on NASDAQ). This bullish signal indicates that the price may rise from the close of 0.68 to the range of 0.89 - 0.95. The pattern formed over 26 days which is roughly the period of time in which the target price range may be achieved.
US Energy Corp has a current support price of 0.37 and a resistance level of 0.79.
A Double Bottom is considered a bullish signal, indicating a possible reversal of the current downtrend to a new uptrend. Sometimes called a "W" formation because of the pattern it creates on the chart, a Double Bottom consists of two well-defined, sharp troughs at approximately the same price level. The technical event occurs when prices break out above the highest high of the formation, which confirms the pattern.
Keep your eyes wide open--this is not a prediction--only what can happen based on what has occurred(from Fidelity).
Abraxas Petroleum Corp forms bearish "Flag" chart pattern
Recognia has detected a "Flag (Bearish)" chart pattern formed on Abraxas Petroleum Corp (AXAS on NASDAQ). This bearish signal indicates that the price may fall from the close of 1.84 to the range of 0.70 - 0.90. The pattern formed over 7 days which is roughly the period of time in which the target price range may be achieved.
Abraxas Petroleum Corp has a current support price of 1.77 and a resistance level of 3.11.
A Flag (Bearish) is considered a bearish signal, indicating that the current downtrend may continue. After a steep drop in price, the pennant reflects a temporary pause in the downtrend, consisting of two parallel trendlines that form a rectangular flag shape.
With crude predicted to bottom in low thirties in late summer, I would agree with ghowse51 that you will see $1 before $2.50. You may want to average down, saving powder for upturn. Falling knives tend to hurt.
Richard care to comment on what I see as lower rates than from wells last year.
At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the Jore 5H, Jore 6H, Jore 7H and Jore 8H, producing from the Middle Bakken, averaged 819 boepd (653 barrels of oil per day--
Is this statement saying 4 wells(collectively or each) flowed 653 BOPD for 30 days? I fear the former. Hope the restricted choke size is rather small.
The Jourdanton prospect in Atascosa County, Texas, the Grass Farm 2H Grass rate of 179 BOPD is not impressive. (from a shallow reservoir though).
Drew on Fidelity--looks like 3.74 on 7/15 touched it. Think BO level is 3.50, we need to remain above. Have done past 2 days. Overall the volume the past several weeks is disappointing. Hope Cowen and Co waits for a good price before putting shares on the market.
Breaking out of very bullish 1.5 year cup and handle pattern. May be start of long uptrend. I may buy sum more here.
Sentiment: Strong Buy
Trouble is that banks will be reevaluating assets and adjusting loan balances during second half. What is positive presently, not much. Maybe a bottom for some reason is suggested by such great negativity. Not yet though.
Yeah have realized for years Stone WAS a buy around 14. No more.New ball game. Never did get any though. Think XOM would be good at 75 with decent yield.
now 2.35, down 0.40 or 40 % from that mentioned 2.75 on July 1. The petroleum sector is seriously in the dumps, do not load up here. Funds are gradually lightening up for greener pastures to survive.
From the what it is worth dept---
On July 13, 2015 Cowen Securities LLC initiated coverage for ABRAXAS PETROLEUM CORPORATION ( AXAS ) with a HOLD recommendation.
may be avail@ 1.75 this fall, besides for low price, what is the reason for buying? Unless demand exceeds supply, keep powder dry(unless trading)