Cano Petroleum (fka CANOQ)

[pigsGETslaughtered21]

"When Cano Petroleum, Inc. shares soared from $0.061 on November 30th to a high of $0.225 on December 2nd, it was a fun ride, but shareholders were understandably worried that the rally was just too hot to last. They were right, too. By the 6th, CFW has hitting lows of $0.12, leaving the market to wonder if this was yet-another fakeout move, drawing suckers in just long enough to let someone else out of their holding.

In retrospect, however (after yesterday's move), CFW is looking less like a failed rebound effort and more like a chart that just took too big of a first stop and got a little wobbly out of the gate. The retreat to $0.12 was a healthy 'reset'. The 20-day moving average line perfectly played a support role, and appears to have rekindled the uptrend started a week and a half ago Cano Petroleum. The biggest bullish tipoff, however, is volume. All the 'up' days have been on stronger volume, while the two 'down' days in the middle were on weak volume. "