Small Oil and Gas Business Faces Uncertainty in Price Action Too

• Posted by Greg Harmon
• on October 2nd, 2012

In this election season there has been a lot of discussion about small business and the uncertainties they face. There are a few of these small companies in the Independent Oil and Gas space that have charts worth noticing that are in that situation.

Cabot Oil & Gas, $COG

Cabot Oil & Gas, $COG, broke above resistance of a quadruple top in early September. After a brief fall back below it rose and is now consolidating over that support at 44.35 It continues to have a bullish Relative Strength Index (RSI) and the Moving Average Convergence Divergence indicator (MACD) is moving back towards positive after a small dip. The key to this is a move over the consolidation at 46. That would carry a target of 49.50 on a Measured Move and continue the uptrend. A drop under 44.35 puts that on pause.

Callon Petroleum, $CPE

Callon Petroleum, $CPE, has been moving higher off of a Tweezers bottom at 3.80 and is currently building a bull flag. A break above the flag at 6.25 carries a Measured Move to 7.50. With the MACD stalling and the RSI bullish but falling wait for the break. A move under 5.75 kills this trade.

Forest Oil, $FST

Forest Oil, $FST, also moved up from a bottom in July and after a recent pullback, confirmed a move back higher over the bull flag. The Measured Move higher takes it to 10 but it is showing topping candles before reaching the previous high at 9.32. The Doji Tuesday could resolve either up or down and to the upside gets you long. The downside puts this trade on pause.

For a limited time the Opportunity to join the Dragonfly Capital Views Premium Membership on an Annual basis is available for only $600.

This is 20% off of the standard annual subscription price and nearly 45% off of a rolling monthly membership! Don’t miss this limited opportunity! Sign up here.

Want to learn more about Dragonfly Capital Views?

Dragonfly Capital Views Performance Through September 2012 Expiry

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus