The stock got to spitting distance of our target of $12. We would not be surprised to see it go higher ( $ 14.50 +) but would prefer to watch it from the sidelines.

We were too early in recommending this stock. However if you did buy at the time at around $9.40, unlikely as it opened a lot lower, you are now up a little more than 10%. It is a sell at around $12 if you want to play it safe as higher levels are quite possible. Here is the chart;

Of course , if you waited just a day or two longer you may even double your money. Timing is everything!

Obviously a very bad call on my part ;

Perhaps my error was to assume that wave 5 came from a small triangle. There may not be one at all and now 5 is equal to 1. This should be it. Remember that is why we use stops.

Petrobakken has an interesting chart. These guys drill , fract and pump oil and gas in the Bakken area and have had a real bad time doing so due to mostly rainfall that made activities very difficult. Things should get better. Maybe. We look at the chart not the fundamentals and there is now a fairly clean 5 wave sequence down from $34 to $9.55, down 72%. The stock is presently sitting on the lower channel trend line AND is slightly below the lows of Dec. 2008 and March 2009 (does not show well on Bigcharts). Oil at the time was about $30 and presently it is $84, gas is roughly unchanged. The potential should be there,ask your broker.