Bullboard - Stock Discussion Forum Athabasca Oil Corp T.ATH

Alternate Symbol(s): ATHOF

Energy Oil & Gas E&P

Athabasca Oil Corporation (AOC) is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. AOC’s segments include Light Oil and Thermal Oil. The Thermal Oil segment includes the Company’s assets, liabilities and operating results for the exploration, development and production of bitumen from sand and carbonate rock formations located in the... see more

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Athabasca Oil Corp > Double Bottom pointing towards a fresh bull-run

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Post by smallcaptdr on Sep 02, 2022 10:52am

Double Bottom pointing towards a fresh bull-run

I just noticed on the Oil chart that we have had our first Double Bottom formation starting with Oil hitting $86 on Aug 16th then Oil rose to $97 and then back down to $86 on Sept 1st so usually this is a bullish indicator where Oil could take an upward run back towards $97+. Now remember that this is a technical reading and could be challenged by other factors that would reverse pushing Oil lower and those drivers would be recession fears, weakening demand, extra production, or even capping Oil at a lower price are just a few issues that would work against a bullish run.

A double bottom looks similar to the letter W and indicates when the price has made two unsuccessful attempts at breaking through the support level. It is a reversal chart pattern as it highlights a trend reversal. After unsuccessfully breaking through the support twice, the market price shifts towards an uptrend.