At 0.236 fib retracement
Could be forming a
Ideal entry as of August 12, 2020: $0.93
Expected Resistance/ Scale Out: $1.03, $1.12, $1.33, $1.50
Stop Loss: $0.90
What is WLL?
WLL is a top crude oil producer in North Dakota with assets in Northern Colorado
Why am I interested in this trade fundamentals?
The oil sector just took a massive correction in march this year with oil prices entering the negatives. With prices this low, there is a high probability that oil prices should continue in its recently established uptrend. Furthermore, WLL has recently exited chapter 11 showing some promise for growth. Lastly with the school year starting soon and students going back to school this will result in an increased oil consumption.
This pandemic won't last forever, oil will go back up
0.90, 0.93, 1.00, 1.10, 1. 40 , 1.50, 2
Its a penny stock anything can happen,
Even though it is at all time low, the market is incredibly unpredictable right now.
Financials are kind of shit at the moment
this kind of comment is what made me foolishly buy in to WLL. not knowing how many of my 18k shares i will be issued after creditors 97/3 if favorable, makes me wonder if i just sell now?
I do agree the steps make it look like $1+ is possible but its not in a vacuum, the hearing is tomorrow.