RE:RE:RE:technical analysisNormanBates1960 wrote: Ottawa10 wrote: My question is this... Given baytex's rapid and disproportionate decline relative to oil prices, how high does oil need to climb back up for this stock to hit the 6's again. Currently long in 6's and still holding!
Thoughjts?
The recent decline of BTE might have been the results of some funds dumping their position because they were expecting interest rate to go up, which would have had an impact on BTE's balance sheet. With this obstacle gone (for a little while), and given the bullish sentiment on oil (at least in the short-term), my crystall ball tells me that BTE will hit $6 Friday before closing at around $5.75.
That's certainly possible. It should be back to $6 at $47-48 oil. Don't worry about these super short term fluctuations. This is a volatile stock and you will see large swings in both directions. Once WTI reaches and maintains $50, this will start to take off again.