RE:And everyone here wants to buy Baytex.survivor2015 wrote: The only disagreement is who low? Is that correct? This is far from a speculative stock at these oil prices and now that OPEC has signalled a fundamental change. The "have" to. They have no choice. The "Market" will continue to eat them alive if they don't.
Well, at below $6 Canadian or $5 US, this seems low to me. Keep in mind, I bought Baytex in January 2015 and bought again big time in spring.
In many ways, I'm glad it's down to these levels because I'm seriously considering loading up big time because I can buy a whole more shares for the same price as I did, especially in 2015!
Don't be surprised to see this double or triple in a year especially if oil hits $50 and stays there or goes closer to the Saudi's target of $60.
Baytex hit $9 on the last big run in JUne. Many traders here were surprised but that's when oil hit $50+. Some were speculating $60 on the short term. We are trading at near half these levels now and only $2 away from $50? That tells me this is a stock ready for a rebound at this point in time.
If you are an true investor, and not one of the many "fakes" here, look at longer term cycles. Let the "Pros" here use their "rulers" to measure whatever they want. They are the "pros", we're not.
Agreed!
Ignore all the traders here if you're an investor. I left this place, it was getting really bad there for a while. I was following some of these traders but I do better if I just ignore them all. A lot of them are daytraders that can switch several times in a day and traders that don't declare their position. I don't have anything against traders but when they pretend to be investors, that's sick. I won't name any names here, I try to put them on ignore but I can see the rants when I don't log in.
Baytex today is exactly where it was in mid April when it ran from below $6 to above $9 in a few months. Same thing will happen here as we will likely see $50 WTI shortly. Everyone here short is concerned and they should be, Why short at the lows?
BTE produces Louisiana Sweet Light crude in Eagle Ford close to important export terminals on the Gulf Coast. That fetches prices closed to Brent which is currently at $49.
Media keeps saying that some of the key economies here are "not growing" which is a farce, they are still growing but not as fast as anticipated. It's a bit slower growth.
There's a lot of talking heads and press that's all over on oil but as a cycle watcher, I've seen this happen on metals earlier this year and it's going to happen on oil. The Saudis know that if they don't do something, oil is going to crash. Everyone agrees that Wall Street was caught by surprise, everyone was either shorting oil or ready to short oil. Now traders are confused as Wall Street changes direction but that takes time.
I'm buying here because as we have seen with Baytex, once short sellers cover, you get quite the uplift! It's impressive how they come back to short this one so hard on any hint of oil downtrending. Why is that?