RE:Technical ceilings to watch over next few weeksAs a reminder...Jan 15th we hit a 2019 closing high of $2.69....and why not....WTI had just broken thru psychological barrier of $50 a few days earlier. But even as oil continued higher, BTE fell back to a YTD closing low of $2.00. Oil is now at $64.
Also when oil was last at $64 (on the way down from mid-70 to mid-45, not even mentioning where WCS spread was at this point) in early November of 2018, oil price sentiment was very bearish. BTE was trading at $2.90 at that point.
Dont forget, institutional buyers dont buy all at once! They will build their position over a few weeks. I suspect we will rally into that 2.70-2.90 range by the time the company reports. Time to get on board now before the big boys lift it up over next few weeks!!!