Friday, November 25, 2011 3:20:21 PM
Toreador Resources (TRGL) - interesting chart. They're a small oil + gas outfit in France, only $88 mil market cap -
http://stockpickr.com/5-stocks-setting-break-out.html-13
>>> Another stock that’s setting up for a big breakout is Toreador Resources (TRGL), an independent energy company engaged in the exploration and production of crude oil with interests in developed and undeveloped oil properties in the Paris Basin, France. The sellers have destroyed this stock in 2011, with shares off by over 75%.
If you take a look at the chart for Toreador Resources, you’ll see that this stock was beaten down from its July high of $4.31 a share to a recent low of $2.62. Since printing that low, this stock has been uptrending strong and making mostly higher lows and higher highs. Now the stock is trading within range of a big breakout if it can manage to move above two key overhead resistance levels.
Traders should watch for a sustained move and close above $4.19 to $4.31 a share on high volume to trigger a breakout trade. Look for volume that’s tracking in close to or above its three-month average action of 139,111 shares. If we get that high-volume breakout, then look for this stock to make a monster spike back towards its 200-day moving average of $5.98.
You could be a buyer of this stock off any weakness back toward the 50-day moving average of $3.24. I would use a mental stop just below that level if you buy off weakness. You could also buy off strength and get long once $4.19 to $4.31 are taken out with volume to the upside. Simply use a mental stop a few percentage points below $4.19 if you buy off strength.
I also included Toreador in a recent list of Stocks Under $10 Setting Up to Trade Higher. <<<
http://stockpickr.com/5-stocks-setting-break-out.html-13
>>> Another stock that’s setting up for a big breakout is Toreador Resources (TRGL), an independent energy company engaged in the exploration and production of crude oil with interests in developed and undeveloped oil properties in the Paris Basin, France. The sellers have destroyed this stock in 2011, with shares off by over 75%.
If you take a look at the chart for Toreador Resources, you’ll see that this stock was beaten down from its July high of $4.31 a share to a recent low of $2.62. Since printing that low, this stock has been uptrending strong and making mostly higher lows and higher highs. Now the stock is trading within range of a big breakout if it can manage to move above two key overhead resistance levels.
Traders should watch for a sustained move and close above $4.19 to $4.31 a share on high volume to trigger a breakout trade. Look for volume that’s tracking in close to or above its three-month average action of 139,111 shares. If we get that high-volume breakout, then look for this stock to make a monster spike back towards its 200-day moving average of $5.98.
You could be a buyer of this stock off any weakness back toward the 50-day moving average of $3.24. I would use a mental stop just below that level if you buy off weakness. You could also buy off strength and get long once $4.19 to $4.31 are taken out with volume to the upside. Simply use a mental stop a few percentage points below $4.19 if you buy off strength.
I also included Toreador in a recent list of Stocks Under $10 Setting Up to Trade Higher. <<<
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
