traded in a large horizontal trading range mostly between $3 and $11 from 2016 to 2021 . It had a breakout from this range and reached a high of $24.47 in June but was quite extended and far above the 40-week Moving Average at that time.
The stock had a correction to support near $14.50 and now appears ready to resume the uptrend ; a sustained rise above $21-22 would confirm it. Behaviour indicators including the rising 40wMA and the rising trendline confirm the bullish status. There is good support near $18.00-18.50; only a sustained decline below this level would be negative.
A sustained rise above $21-22 would support Point & Figure targets of $25 and $27. Potentially higher targets are visible.
Source: Energy Industry News (energyindustrynews.net)
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