CVEO had a nice breakout from a long term base, but has now pulled back with the weakness in OIL.
I will watch this zone for a reversal pattern on the lower time frames. Area could provide support especially if OIL has a rebound.
Resistance at 4.96.
CVEO is a case of the trading called "from worse... to less worse."
The type of trade like TCK was was last January. It was like $2-$3 and they survived the downturn in commodities which is the most important thing. The stock went to $25 right now. I don't know about you but very few experts were talking about that stock last winter. ;-)
When it comes to CVEO I ...
Civeo Corporation, which provides housing accommodations to oil-drilling companies, announced on Monday that it would not pursue a conversion into a real estate investment trust, or REIT
As a result, investors felt betrayed and pissed to the max.
The price gapped down from 25.5 and after a little support @ 14.70, my short entry at 14.69 was triggered.
The next ...