Hello Traders! The price of BTE looks like it's about to cross under the 50 SMA (sell signal). Combined with a pessimistic looking MACD and RSI, and a bearish MACD-divergence, we have reason to believe that the price is going to drop to the 0.35 support/resistance. In case the price crosses under the 100 SMA as well, it might even drop to 0.1993, but the SMAs...
I hope I am right in my analysis .Please share your opinions .Thanks for your time .
So far so good . Let's see if price will hold above $0.50 and cross $0.55 level .Indicators are positive .
If BTE break $0.50 level (on Monday?) we might see it moving up towards $0.70 and beyond .As far as I can tell the indicators are pointing towards possible move up.Thanks for your time.
Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canad
Disclaimer: thank you for taking your time to look at my idea please understand that I didn't publish it to influence your decision to invest your money and void myself of any responsibility towards your investments. Note: I am simply trying to increase the coverage that the company may or may not have by publishing an optimistic guess I don't know anything about...
seeing rejection on longer term downtrend with gap rejection as well. Pulled back to .618 looks like we can find a quick short here
Bullish here on BTE. Love the Oil and Gas sector right now and have for a while. Broken several market structure resistance and forming bullish pennant with two significant levels of support below and a lot less immediate resistance ahead. Could consolidate here for a while based on the MACD history but looking for a break up out of the pennant!! See what happens!
The more I am looking at the resource sector and how active it has been lately the more bullish and excited I am for it. Here is a quick observation of BTE
Had lots of volume of the initial push. it is stretched out though, short term trade.
BTE is setting up nicely for a buy off all time lows. From the weekly we've found major support areas between 2.01-2.20 price area. Trading within a descending wedge on the W1/D1. The double top on the D1 formed since Feb 8th has created a bullish cypher pattern and this is the area where we'd expect to buy the D. If you get a continuation this cypher pattern...
Broke the 50EMA, RSI is bullish. Volume is strong and it seems to want to go up.
All the negatives appear to be built in. With 1/3 of the total production price to WTI in USD, BTE at this price has great reward to risk ratios. Too early to call a trend reverslaes but this is how they happen.