RE:RE:wow thats a tight trading range the last couple of days KingKyle wrote: tight trading range = torque UP
Terrible day for oil so obviously a bad day for BTE. It showed great support at $4.60'ish. There is absolutely no way this is going back to sub $3.00 like some say. Bashers gonna bash. We received the worst news possible at this point in time in my opinion (Iran not willing to freeze until 4M bpd production is reached) and still we are down less than 5% now. I agree that there is tremendous torque to the upside. Next quarter, I believe we will see oil and BTE trading within a higher range. A double from these price levels is quite attainable and even likely for BTE by year's end. Management addressed the fears (debt, breach of covenants, etc.) and proved bankruptcy isn't happening and can even be profitable in their Eagle Ford play at $40 oil. There are solid hedges in place until the end of the year. Big money moved in as soon as management proved it wasn't going bankrupt like many suspected and consequently priced it. It is still priced like it is going bankrupt. Combine that with significant improvement in oil prices over the coming months and years and we will see HUGE upside. People are not looking at he big picture here and worry about every fluctuation in price. The bottom line is that the sector has bottomed and is going nowhere but up over the foreseeable future. This presents one of the best buying opportunities you will ever encounter as an investor. NOW is the time to BUY! Load up people! 6 months-1 year-3 years time, we will look back and see how foolish we were to worry about buying BTE in the $2-$5 range. Of course we will have down days, even weeks, maybe even months but patience will be rewarded. I did my trading with this stock but am 100% hold right now. I bought all I could. Don't be deterred by the bashers. The longs will be laughing all the way to the bank very soon, as some of us have already! Good luck!