Yes, but there sure seems to be a lot of sellers pulling the sell trigger at the first sign of market trouble. Could go, though. Depends on the market, which is kind of shaky right now. Will be interesting to watch.
A weak C+ accumulation/distribution reading and three days closing at 5 percent below the 50-day just last week detracts from a near-term bullish scenario. Also, market uptrend under pressure adds to the risk. Of course, strong volume is needed on the day of any price breakout to record highs.
Yes, May crude was down, so the whole sector was down significantly more than the broader market and this being an oil growth stock, it was down more. The stock already closed below the 50-day moving average yesterday, something it had not done this year yet. Today it closed 5 1/4 percent below the 50-day on higher than average volume. Yesterday's drop was on below average volume.
I bot in at 37.91 on Thursday.. and had a stop loss sell order in at 34.88 which just missed executing. Been watching this a long time and of course I had to pick now to finally buy in. Longer term, this should be good, I would think, but this is obviously a volatile stock, especially in market corrections. Chart-wise, it won't look very good if it closes down any more from here in the days ahead. I hope it does not do that, but I will probably adjust my stop loss down another point or two to account for volatility, since the stock is correcting with the market more or less.
Maybe the market will figure a way to give the stock a valuation less than zero and charge all remaining holders of the stock a bill.
You'd think Yahoo could put a stop to this highly organized abuse of their boards.