Strong Oil Stock Ready for Next Upleg
Source: Clive Maund for Streetwise Reports (3/17/18)
Technical analyst Clive Maund discusses a company that he believes will break higher regardless of what oil does.
Blackbird Energy Inc. (BBI:TSX.V) is still on for an upside breakout from its bull Flag, and the picture looks more potent than when we bought it back on the 6th,
because, as we can see on its latest 6-month chart, the additional time
that it has remained within this tight Flag pattern has allowed the
overbought condition that arose as a result of the last upleg to
continue to unwind and the moving averages to swing into more bullish
alignment, with the 50-day catching up with the price the better to
force a breakout. Furthermore buyers have been raising their bids in
recent days on increasing upside volume, another sign that it is ready
to break out. How far will the next upleg get? – it should rally to
resistance in the C$0.50–C$0.52 area where we will consider taking
profits, with some chance that it could storm through this resistance.
This is an oil stock that looks set to break higher regardless of what
Holders should therefore stay long, and new purchases are in order, up to C$0.415.
Although the number of shares in issue in Blackbird is high at 749
million, it is understood that many are tightly held by insiders.
Blackbird Energy website.
Blackbird Energy Inc, BBI.V, BKBEF on OTC, closed at C$0.38. $0.307 on 16th March 2018.
Read what other experts are saying about:
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.
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1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
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Charts provided by the author.
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stockmarket analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.