It could be an ugly open tomorrow. Can't really trust what happens on the PINK sheets. Oil likely to dip under $80 tonight. Going to be a struggle on the way to $4 and $5 seems like an oasis or mirage that doesn't exist. $80 oil seems to be a short term spike following the hurricanes and oil spill on Huntington Beach. OPEC will be increasing 400000 barrels of production, the Delta is still raging. Maybe if oil gets to $85 this gets past $4 but to to get to $5 it's unlikely in 2021.
My dilemma is that I won't sell until at least $5. That allows me to pay any capital gains and to pay back my Dad and leave a little in the kitty. At $5 I can sell half and do those things and let it ride.
Maybe I am being greedy. I was up $60000 on this stock 4 years ago when oil went to $50 and there was great anticipation but BTE went from $8 to almost nothing in a heartbeat.
If this goes back to $3.50 I will have a margin call and than will require a higher exit point. I am scared because I foresee a top here and than the eventual BTE slide. The summer I thought we were off to the races and it retreated 85 cents. Baytex had a thirty five percent slide this summer.
Potentially the stock could back under $3 here when it becomes clearer that oil is at a peak here. What would you do? Sell now and break even with nothing gained after 7 years of torture or ride it out. If I liquidate and sell at $5 and it runs to $10 I will obviously be dejected but a gain is a gain and something is better than nothing. If BTE drops here I will be devastated. Tomorrow for me is the true test. If it can't go above $4 on $80 oil I think that's the exit point because oil is not going to stay at $80.
A slide back to $60 oil will be devastating for the stock. It concerns me there are so many shirts out there.