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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

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

Comment by BadShituationon Apr 13, 2021 4:15pm
176 Views
Post# 32987087

RE:RE:RE:RE:RE:RE:RE:Back in the Saddle

RE:RE:RE:RE:RE:RE:RE:Back in the Saddle
I certainly wouldnt call myself an expert, but i can show you what i see technically and maybe it will be of some value...

Firstly, for direction, we are better off doing TA on WTI price.  70$ WTI with low diffs, and i think we visit the weekly 200MA for the first time in, well, ever. That would line up with the 2019 highs. Timing? Who knows.That 200MA for CJ is flattening out around 3.40$. Again, it is very dependent on the commodity price.

If you wish to see some longer term trends: https://www.tradingview.com/x/bIEDCaIo/
We tapped a declining trendline on the log chart. Dont think this is important, but interesting and can be noted.

For the more intermediate term:https://www.tradingview.com/x/iDd6zv8N/
Value zone for 2019 was 1.95-2.25, above that i figured some resistance, but i think that range should be value again this year.Now we have the oportunity of testing that as support. Initially i had expected us to be sideways in that zone, but we got nut pumped up out of it.

The only things im really watching here is that 1.95-2.25 zone, and then the moving averages below. Above that will be oils job IMO. Here is my little chart for that: https://www.tradingview.com/x/8dkQxYqM/
57$ and 62$ are the important levels here. Looks good to me(especially that TSI turning up), but the FUD of covid is still very active.

This isnt really a stock im too focused on TA with. My conviction is that oil isnt going going to be dropped, and the price will slowly creep upwards. Im not stictly a trade/investor, more of a mix, so i have some flexability here. I have started incrementally selling on strength, but in no way am i looking to walk away in the low 2$ range with 60$ oil. I add back on weakness. Rinse/repeat. If we get another year of 2019 action, that should provide nicely. Lots to consider here though. Not having a dividend active increases cash flow nicely, and the company has several options for those millions of $$$s that drastically improve fundamentals.

I hope my charts were of some use to you :)
Im also interested in the others opinions, always nice to look at some different charts.
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