BNK, Bankers Petroleum update

When this stock closed at $1.46 we warmly recommended it as a buy with a first target of $3.50 (see previous 2 blogs), good for a gain of 140% in less than 3 months. We were wrong again. The stock went to $3,56. Here is the chart;

bnk oct 23 2012

$3.50 was just a first target based on absolute minimum retracement targets. It now looks like the stock may continue upwards, once a small be is complete at about $2.50, towards $5.5/5.70 or so, the level of the 4th wave of previous degree and a 50% retracement.All of this is very tentative so do use stop loss orders where and when applicable. Good luck.