Opinion

Oklahoma STACK Oil Stock Reversal at Support


Technical analyst Clive Maund charts an oil company active in Oklahoma's STACK.

You may recall that we took a nice profit in Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC) back in January, selling it right at the top. The company continues to be liked for its intrinsic strengths, but nevertheless it looked set to react back significantly and it has.

When we sold it we figured that we may buy it back on such a reaction. Thus it is interesting to observe that after a further loss a large high volume bull hammer appeared on the chart on Friday, with its intraday low right at the support line. This is a sign that it has hit at least a temporary bottom, and with the larger uptrend still in force as shown by the moving average alignment, it looks like the time has come to buy it back, especially if it should dip towards the low of the hammer, and a close stop may be set beneath Friday's intraday low, just in case it doesn't hold.

Conclusion: Jericho is rated a buy again here, especially on any dip towards Friday's intraday low, with a stop just beneath it, say at C$0.685. The larger outlook for the oil sector remains grim, this is a trading setup particular to Jericho.

Jericho Oil website

Jericho Oil Corp, JCO.V, JROOF on OTC, closed at C$0.76, $0.586 on 2nd March 18.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://streetwisereports.com/article/2018/03/05/o...

Jericho OilSTACKOklahomaOilStreetwise Reports

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 12 days agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 4 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 9 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 9 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 9 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice