This Texas oil and natural gas producer IPO is off to a good start. With recent earnings meeting analyst expectations, it may be time for this flag to pay off. The risk/reward ratio looks decent here for an entry and I have a target near 32 -33. After much discussion and the suggestion of Leones, I am adding a first target of 30. If price manages to cross this level, then look for the second target near 32 - 33.
Comments
littleriver
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Second target reached.
littleriver
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First target reached.
LEONES
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that was a nice move
LEONES
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NICE THIS ONE
littleriver
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Thank you!! I am learning ;-))
LEONES
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How did you define that target?
littleriver
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I considered two things. The flag pole and the range of the current formation. After considering both, I decided on the more conservative target. Not sure the method is technically correct but I find it often gets close. Do you have a suggestion?
LEONES
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not sure here, you might be right but my feeling is that is not going to cross 30.00 maybe range
littleriver
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I appreciate the look. 30 is definitely the line in the sand. Looking closer at the volume on the candles that have traded in this price range, there is not much activity. I guess we will see if and when it gets to 30.
LEONES
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it is going to the median line anyway, that is the target