RE:RE:There is the $5.60 break@Bpultra & Marty57: I can empathize that investing in O&G sector, and in CPG in particular, has been a frustrating exercise. However, I agree with Marty 57 that with so many bullish catalysts in the market today -- and with CPG trading at its lowest valuation in history -- it is dangerous to be short this stock.
Notice that on the days that CPG falls, it does so on relatively low volumes. While today appears to be a day on which average volume has been traded, almost three quarters of the volume traded (at the time of writing this post) was traded in the early hours when the stock price moved higher. One 1 million shares have been traded on the TSX that has brought the price down, which suggests a dearth of buyers.
I think patience will eventually be rewarded. It's hard to believe that this company is trading a 2x EV/CF (when this January it was trading at a valuation of nearly twice that)! The market will recognize this mispricing eventually -- and, IMO, sooner than most think. GLTA.
Marty57 wrote: Shorts should be concerned. WTI is over $70 and inching up. Share price is near its highest level in a year and a half. Shorts amount to around 23 million shares and as soon as they start covering they will exert upwards pressure on the share price. It looks to me that shorts are in a losing position right now.