BNK, Bankers Petroleum update

bnk aug 23 2013

This is a semi-log scale chart. See also previous blogs. The big picture (not shown ) is very erratic so this is a very tentative interpretation. From the low one would expect – as a minimum – an a-b-c up rebound. We had a furious a, then a long period of consolidation and now the c. The c cannot be over yet. In the worst case we are in a wedge that targets something like $4, in the best case the two legs will become, proportionately, equal at about $5.5 Time will tell.