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A Highly Attractive Technical Setup In This High-Risk Oil And Gas Drille

Published 09/17/2014, 01:19 AM
Updated 07/09/2023, 06:31 AM

Petromanas Energy (OTC:PENYF), (TO:PMI) has been quietly pulling back for the past couple of months and recently slipped in to an attractive technical buy setup:

Petromanas Energy Weekly

After retracing 50% of the entire 2013-2014 rally the stock is retesting previous resistance which should now serve as support. The chart currently offers one of the most asymmetric reward-to-risk opportunities we have been able to come across in our entire universe of equities.

The company’s volatile chart speaks to their drilling difficulties in Albania, but the energy world knows the prize Petromanas and partner Royal Dutch Shell A (NYSE:RDSa) are going after is huge. Results from the JV’s highly anticipated Molisht-1 well are expected in Q4 of this year or Q1 of next.

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