Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s): CRLFF

Energy Oil & Gas E&P

Cardinal Energy Ltd. is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. The Company is engaged in the acquisition, development, optimization and production of crude oil and natural gas in the provinces of Alberta, British Columbia and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. Its Midale operating area of over 730 million barrels of original oil in place (OOIP) and its low decline in production of 3,200 barrels of oil equivalent per day (boe/d) (net) is supported by both waterflood and CO2 enhanced oil recovery. Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large OOIP pools. Its North area includes Grande Prairie, Clearwater and other properties.

TSX:CJ - Post by User

Cardinal Energy Ltd (Alberta) > CJ Technicals

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Comment by stockfyon Feb 02, 2021 3:13am

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Post# 32444515

RE:CJ Technicals

CJ could exceed C$2 by this summer given also that the summer driving season is always bullish for the oil prices. Do not forget this. The summer driving season is kicking off in May.

UnderTheRadar wrote:

Updated technicals from Jan 28: this is an intermediate term signal: 36-89 day pattern.

It's possible that we could still see a share price downturn in the near term which may prove
opportunistic to add positions on deeper pullbacks due to any negative "political" energy sentiment.

The November bullish signal proved accurate (target from Nov 27 was $.97-1.05) so hopefully the current bullish targets prove out:

Cardinal Energy: 2021 Jan 28

Ascending Continuation Triangle

Intermediate-Term Bullish

Volume 229,886

Close Price 1.05

Target Price 1.34 - 1.40

Pattern Duration 36 days

Inbound Trend Duration 89 days

Tells Me: The increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend.

An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.