pbartashevich

CPG - Double Bottom Doubles Money

Long
NYSE:CPG   CRESCENT POINT ENERGY CORP
Quick refresher to previous ideas on CPG . Patience will pay off on this trade. Owning CPG is pretty safe right now after 90% drop from highs and consolidation/reversal pattern showing up at the bottom.
Comment: This is why CPG did not fall today. And we got a $100mln buyer until end of the year. ~20mln shares.
https://www.crescentpointenergy.com/inve...
Comment: After a good run CPG stick is being bought on dropping oil. Hold until it hits double bottom target.
Comment: Update with Bollinger Bands and moving averages.
Daily - 50SMA crosses 200SMA - an indication of a major rally.

Weekly chart is more interesting and indicating that major rally only starting.

Hold CPG stock until rally matures and our targets of $6.5, $9 or even $18 will be hit. Patience will pay off on this trade. It is long term investment/trade. It can take 1-3 years to extract maximum of its potential.

Comments

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