RE:RE:i think even if there is a pullback tomorrowBago, noooooooooo....
Are you showing some bear?... joining the dark forces??...
Resist Bago, RESIST!! please....lol Keep the bull strong!
Seriously, during this whole run up to now, BTE has shown great strength. Looking at the charts you can see that with the profit taking, buyers always step in. There is demand because Baytex should be trading at $6-$8 with current oil prices.
So the absolute worst I see is dipping down to $4.50 for a short while. I can't see oil going south from here. The market and producers have discovered that $30 oil was insane.
Producers worldwide stopped drilling at these prices and that has a really bad cascading negative effect on the whole markets and economies.
The big producers are saying $50 as the target price and the market is now saying "OK, fine with us, let's head back there. " Shorts have made their money, shareholders who sold too late got wiped and the cycle repeats. That's the markets.
The climb back is simply to where we were last summer before overproduction was fully understood and digested by both sides.
It appears the markets priced Baytex to $20 and $10 oil during the bearish negative times and that's changing to $40-50 oil as market sentiment is increasingly bullish. Could we get stuck at $40 oil until the rebalancing is complete. Yes. There's nothing really that would cause oil to slide until production ramps up but nobody has any plans until at least $40-50 oil.
Going slow on this continued bull ride would be best my wish. Something like 2 to 10% per day for the next week or so? lol
