Baytex Energy Corp T.BTE

Technicals

[IndianSparrow]

BTE is performing in complete sync with its 1, 3 and 5 year chart pattern. The trend is still positive on the chart. Drawing the support and resistance lines on 5 year chart shows strong clash in the $2.85 - $3.00 range. Once BTE breaks out from this, which I think will be a herculean task, then the 10 year chart will come in play. Will discuss that once this can break out of this pendant formation on the 5 year which IMO completes around $3 in the next few days. GLTA

[Unlucky13]

Dude, it's down 8 cents today.  $3 is happening in a few days.

[IndianSparrow]

Interesting price action today. Feels like a shakeout to get some weak hands off. Chart for 1 year now suggesting that a gap in 1.65 to 2.04 range might be targeted. This can correct all the way to $1.80 and the bull trend is still intact. GLTA.

[dandu1924]

The gap not always filled up, and there is a gap around $1.80 and an another one around .50, so what is your feeling about it.?

[IndianSparrow]

Good point and yes, gaps are not necessarily filled up all the time. I see a higher probability of the most recent gap up range to be targeted. The ones before that which are way down can only happen if oil tumbles like last year. Oil price is key to see if a gap will be targeted. IMO, if oil does move to test $65 again (highly unlikely), we can see a gap move down. Buy the trend still holds for a