Once an oil man, always an oil man, until I am told otherwise by our Chief Market Strategist. With shippers ripping the cover off the ball today, I see no sector pairing better with the action than oil exploration.
I’m currently long MHR but END is the biggest winner thus far today. It is also the stock with the highest combustible energy (short float). Shorts will point to management incompetency and fallacious oil discoveries. I’ll point to the price chart—it is going higher in the face of these intelligent misfits whose knowledge base may be better suited for building doomsday shelters.
That being said, END is coming into resistance at six bucks. Watch it. Keep it on a wish list and see how it behaves at these levels. Supply (sell flow) should stall price out. Should it not, should short covering instead ignite a rally, END could become an eight dollar stock in short order. That leaves room for over 30% in gains for the mathematically challenged.
I cashed out my END shares a few weeks back. I threw in the towel a tad too soon, booked five percent and went on my way. Therefore my own pride pushed my buy trigger over to MHR.
Keep the space on watch, especially if oil firms up.
Other tickers of interest include: BBG, BCEI, BRY, CAK, CEO, CXO, EGY, FANG, GST, KWK, KOG, NBL, PBR, and FSTIf you enjoy the content at iBankCoin, please follow us on Twitter