Baytex Energy Corp T.BTE

Massive Head & Shoulders Forming Since April 29

[Snowballer]

-declining volume since June 29
-stock clearly rolling over here
-below 9sma (4h)
-RSI pointed downward
-4 hour trend broken
-macd rolled over (4h)

All early signs for some profit taking imo if you bought the recent $5 lows.

[Alphaseeker1973]

I am seeing the same indicators.  OIl and oil equities (including BTE) are going to get smashed to bits in the next few weeks.  Financial markets are dominating this to the downside and it does not matter what the fundamentals of supply side limitations are indicating.  I am long but think we revisit the mid too high 4s in next 2 months.    NA oil companies shoudl announce

[BayStreetWolfTO]

As I said lots of noise today. Maybe some betting the import/exports can be sustained. Taking advantage to add today imo

[TheWokeLemming]

Ive gone 50% cash today   Thankfully my CJ is holding strong.   What a flip from market open!  Good luck to all.  

[Snowballer]

If you bought CJ in the recent $6's I would get the frack out lol

[BayStreetWolfTO]

Why, this is a long-term story? 

[Snowballer]

b/c 50% returns are excess returns especially in 3 weeks.  Long term stories at the top of a massive run are for bag holders imo.  Been there done that... Not anymore.

[deepblue]

Agree. Mid 4's coming