Civintas $CIVI, innovation is not always creating things

dpuleo19 Updated   
NYSE:CIVI   Civitas Resources, Inc
Civintas Resources Inc. is in the Oil & Gas Sector, centered in the Exploration and Production Industry. It should benefit from the current uptrend of oil prices NYMEX:CL1! .

I mentioned innovation because the company is set to "clean up dozens of wells orphaned by others". The state of Colorado has granted this new startegy for NYSE:CIVI to "work hand in hand with landowners and local communities to restore former well sites". This may because of their strategy to protect Colorado’s groundwater resources.

They perform Horizontal Drilling but before, they install multiple layers of cement and steel casing and then performs pressure tests on the well casings. This is a good story funds might see to buy this stock.

Today the price emerge with a strong breakout from a flat base. The base has a 11.48 points of height, TA rules state that the target price after the breakout is to add that up the base, that is at $70.63.

The breakout from today has a gain of 7%, that is far from the pivot so I won't chase it. Also the volume isn't that great. So, as I didn't buy yesterday, I'll wait for a throwback to the previous resistance line and buy there. If it doesn't happens, I'll wait for another opportunity.
Comment: The volume picked up at the end of the sesion. Really good sign but still too extended.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.