Arcan Resources Ltd ARNBF

Broken 50 & 200 Day Avg Support

[hotrunner]

The SP is breaking down further and has broken the 50 and 200 day averages. Very nice entry point. SP will stay low for awhile. Oil will settle back down to $85 - $90. Support at higher levels is breaking down. Gas at the pumps go up because of limited refining capacity bottlenecks. There have not been a new refinery built in NA in well over 30 years. Not the best time to buy any O/G equity. SP will go lower. Fasten your seatbelts, its going to be rocky.

[profess]

IMO there are too many external factors and geo-political risk to accurately predict the direction of oil prices. I have to agree with most posters here that Arcan is an attractive buy at these levels, even if oil should drop back into the $90's.  Don't forget Arcan's cost/bbl will be going down too so their netbacks will be higher.  From Stifel Nicolaus:  ' We