Another Oil and Gas company setup is ready for a potential "double your money" rally. Initial position can be made here. This is long term play which will require patience for a couple years to realize all the gains.
CPE recently hit a solid previous support making a good bounce. If it is able to break the resistance at 10.80 and confirm an uptrend it would be a really great opportunity.
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$CPE Callon Petroleum looking like a possible buy at the lower range of upward channel
Medium term targets* :
1 - 15.00 (early June)
2 - 16.00 (late June)
*assuming upward trend line holds
First of all look the support area around 10.00 that was resistance in several occasions in different years (2011 and 2015) Then this resistance was the support of the price in the 2017 and now the price leave this level and is breaking another level of resistance around 12.00 level. and here is where we are now with a pullback in progress.
This idea work for...
I'll be watching this one. I like that it got above the 100 day MA and near strong support/resistance. I'll place this on my stock watch screener with an alert notification if it breaks 11.51.
I believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal.
It requires...
+ Broke-out with above average volume on -5d
+ NR7 / NR3 Combo after a 4 days sideway price movement on contracting volume
+ bullish trend intensity
+ Unusually high accumulation day back in early Sept.
good volume gap up get our book on amazon how to enter- important after gaps-money flow and pvt good-cci and per r upper range-stoc crossing-macd about to weekly bar engulfing-relative strength good above 50 -good weekly
Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company focuses on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and southeastern New Mexico and consisted of three primary sub-basins: the Midland Basin, the Delaware Basin, and the Central Basin Platform as of December 31, 2016. The Company's drilling activity focuses on the horizontal development of various prospective intervals in the Midland Basin, including multiple levels of the Wolfcamp formation and the Lower Spraberry shale. It owns additional immaterial properties in Louisiana. As of December 31, 2016, the Company had owned leaseholds in 39,570 net acres in the Permian Basin, all of which was located in the Midland Basin.
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CPE
