That being said the move is not done. In fact, we are very likely to head even that much more higher. The chart says it all.
From the chart above, we are looking at basically two things:
- The stock’s movement within the retracement. (Bounce of 62% level)
- Flag that has developed, which gives us a mini trade zone.
Combining both of these factors here are the conclusions I come to: A buy target at break of $5.75, which will lead to an initial price target of $6.25.
On the other side, if NEP comes back down and retest the 62% line, then a bounce would be our entry point.
Obviously if we can manage to breach $6.25, then we are in new territory and looking to play with house money.
Check out what INO’s Free Trend Analyzer has to say about China North East Petroleum Holding.
More on this topic
(What's this?)
The Chinese are Stealing Our Oil
(Wealth Daily, 5/23/13)
U.S. Shale Oil Production is Rising
(Top Foreign Stocks, 5/17/13)
Low Gas Prices on High Oil Production
(Energy and Capital, 5/14/13)