Here’s something I don’t do often – – offer up a long idea. Since I’m a contrarian at heart, this is a speculative one, battered for many, many months as part of the beleaguered energy sector. I present to you Bonanza Creek Energy:
(Click on image to enlarge)
Perhaps you’ve noticed I included volume in this chart, which is atypical. I did so deliberately, because the volume has been surging during the entire building of the base you see above. I think it’s an interesting pattern, and provided the stock stays above $7.02, it seems a very promising long position to me.
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