Baytex and things left unsaid. Board,
Triple expiration was this week, here are the weeks volume numbers on the two big exchanges.
NYSE volume 32 million plus - TSE volume 25 million plus – I see this as encouraging
Bullish engufing pattern on the weekly chart for the third and fourth weeks of June 2023. This was not a weak one. I would say the price movement since then has confirmed it. Configure my chart and see, settings are in another post. (Link provided at the bottom)
Support and resistance levels are pointless for now, because the combined company has not been trading long enough.
The world has a 3 million barrel of oil supply deficit per day. Multiple sources claim it. It sure looks that way.
The US government keeps doing stupid things. Both Parties are to blame. This is bad for consumers. I encourage the bashing of my government because they have earned it. The price of fuels and oil could be manipulated lower for the 2024 election, and they may not succeed with the supply deficit being what it is.
Dr. Burry is short to the tune of 1.6 Billion. Details here.
https://seekingalpha.com/article/4628347-michael-burrys-next-big-short-betting-1-6-billion-against-the-us-stock-market
I think this is significant. Dr. Burry is not weak on research. I believe oil is a contrarian play, and the last market crash that buried banks and stocks, saw oil boom for 5 years. I have mentioned sector rotations previously, though I think to this point those have been minimal. (selling tech and buying oil) I think there will be a lot of tech sellers buying Baytex in the coming years.
I am not expecting rapid price appreciation. If there is a time when oil is priced relative to the 2009-2015 years adjusted for inflation, then Baytex should see it’s accelerated price appreciation near the end of the cycle. As will similar companies. History does rhyme.
I wonder how many credit default swaps and synthetic CDO's are owned at this time? This is just humor.
I could be wrong too,
RS
My Baytex Chart - For Newer Investors
https://stockhouse.com/companies/bullboard?symbol=t.bte&postid=34646149
Message Board Distorters Post
https://stockhouse.com/companies/bullboard?symbol=t.bte&postid=34326632
Baytex and those who make the markets.
https://stockhouse.com/companies/bullboard?symbol=t.bte&postid=34397511