Baytex Energy Corp T.BTE

WCP Trading Below The 200DMA

[Snowballer]

Unortunately the shorts on this board called it.  Citi and others will get their way here... markets are influenced and in this case to the downside.

Some other analysts I follow show a technical move in oil down to the $80's... regardless of fundamentals I too think the stocks will sell off but who knows to what degree.

Just so crazy for BTE to hit $9 only to go back to $4?  Should be a great entry at some point... next 4 months could be real weird in terms of global economics and geopolitics.

[Alphaseeker1973]

Snowballer - there is no question that oil equities are headed south for the next few months....where they stop on the downside is anyone's guess.  The paper market is overwhelming the physical market and there is simply nothing going to stop the downside here.   BTE may very well hit the 4s again.  1st stop on the downside is going to be in the $5.15 rage (200 DMA) with a

[Snowballer]

Yes I agree and makes sense.  Appreciate the comments

[Alphaseeker1973]

Well that did not take very long to get to the 200 DMA!!    Guess we are going ot see 50% retracement withing a few days.

[Alphaseeker1973]

200 DMA on oil is $92.85...going to get there in a hurry.   No buyers...only sellers.   Recession fear is the only news in the market.   Nothing positive in the news cycle... you would think the world is ending.    Same pattern over and over again by banksters to ensure investors make bad decisions and sell good companies.    

[Snowballer]

why would you assume that? WCP sliced through it like a knife and now the 200DMA is resistance  not sure I see BTE bouncing off of it.  

[Alphaseeker1973]

I think we are saying the same thing....200 DMA is not going to hold up for long.     The 50% retracement to $4.65 is going to happen in the next few day based on what is happening right now.

[Snowballer]

oh I see, yes indeed