Replies to post #6863 on Worthington Energy, Inc. (fka WGASQ)

[xZx]

weekly does look good. here's another couple of views:

(scroll down)

[coolnapz]

Weekly chart bull flag still consolidating

I agree that there is a weekly chart bull flag. But playing off of a weekly chart leaves room for significant downside volatility intraweek. It's fine to play a weekly chart bull flag if you entered at the lows or upon at least a 50% retrace but my entry was right over a penny off of a daily chart bull flag. If there is intraweek volatility to the downside I could easily be down over 50% on my position and forced to exit.

If good news comes out, that is fine, I can play the breakout pattern that I was originally looking for with a daily close above 1.3 cents. The 8.15 PR says that they should complete the initial rounds of tests this week, then there is the clean up, and then look forward to significant production September/October. I am guessing that the market would like to see what the tests reveal, hopefully it's good.

Remember, the stock just put in a low in mid July and there is often a lot of whippiness after pivot lows and I'd rather use it as an opportunity to buy cheaper than take a big loss.