A Matador in a Bull Market

• Posted by Greg Harmon
• on August 25th, 2016

Crude Oil has come a long way off of a low at $26 in February. Since then it nearly doubled before retracing almost half the move. Since that higher low to start August it has continued higher, and is now digesting in a bull flag. It is in a bull market.

And if you want to be in control in a bull market what better stock to look to than Matador Resources ($MTDR). Matador is an Independent Oil and Gas company. The find and drill the stuff. Their chart is a bit mixed but it offers a potential opportunity as the bull market in Crude Oil continues.

Since March 2015 it has run up against falling trend resistance several times, including right now. The low made in January of 2016 started a rising trend support. And now the two are meeting in a symmetrical triangle. A break of that triangle to the upside gives a target to 40. With momentum on its side will this Matador be agile enough to find its way higher?

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