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OilStockReport

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OilStockReport

Re: MinnieM post# 209

Friday, 04/01/2011 3:00:17 PM

Friday, April 01, 2011 3:00:17 PM

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Looks like Magellan Petroleum has some potential. Called that one in November!

Continuing with the overall energy theme, Magellan Petro (MPET) is a very speculative oil and natural gas play with a base forming to run up from. The current setup is near two support levels, with the key level at $2.35, so you know where to place your stop losses. Above that, we have significant upside potential and already cracked two resistance levels earlier before volume slowed down and settled near even on the day. Since the drop was due to lowered bids, not sellers pushing down the bulls, that is a bullish theme for a low volume speculative stock like MPET.

This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My resume is real time on Twitter @TurnKeyOil.

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