MPET Oil Drilling

yesterday i talked about establishing a position in a oil exploration company. here it is: MPET. this company has oilrigs in australia and england, and theyre slated to spud one of their rigs off the coast of england soon.

they have a good looking chart that seems to obey technicals pretty well. the price is supported by the 20day EMA and has a potential upside of $3.75 in the short-term. the stock looks like it may be in the early stages of a ascending triangle consolidation, so i’ve established a position near the bottom trendline and i hope to be able to sell near the top trend line. i’ve set a stoploss at $2.75 to protect my capital in case there price channel breakdown. the volume lately has been descending, so a strong close above $3.00 on high volume can be construed as a bullish confirmation.