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pbartashevich

CPG - Double Bottom Doubles Money

Long
Crescent Point Energy Corporation (NYSE:CPG)  
pbartashevich Updated   
NYSE:CPG   Crescent Point Energy Corporation
Chart Patterns Double Top or Bottom Oil WTI Crude Oil WTI CPG Energy Commodities
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0
chartpattern doubletoporbottom oil wti usoil cpg energy
Quick refresher to previous ideas on CPG. Patience will pay off on this trade. Owning CPG is pretty safe right now after 90% drop from highs and consolidation/reversal pattern showing up at the bottom.
Comment:
This is why CPG did not fall today. And we got a $100mln buyer until end of the year. ~20mln shares.
www.crescentpointene...assets-cash-proceeds
Comment:
After a good run CPG stick is being bought on dropping oil. Hold until it hits double bottom target.
Comment:
Update with Bollinger Bands and moving averages.
Daily - 50SMA crosses 200SMA - an indication of a major rally.
snapshot

Weekly chart is more interesting and indicating that major rally only starting.
snapshot

Hold CPG stock until rally matures and our targets of $6.5, $9 or even $18 will be hit. Patience will pay off on this trade. It is long term investment/trade. It can take 1-3 years to extract maximum of its potential.

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