JROOF breaking new intraday highs on strong volume
Published: Wed, 11/08/17
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Good morning all, Today's trade idea JROOF is trading very well today on strong volume. We haven't quite see breakout price action yet, but its up 5% so far today right now sitting at the day's high of around $0.635. Remember, the key breakout level is $0.65 so there is still time to get in on the action. I urge you to keep JROOF on your trading screen today and look for opportunities. This could be a nice multi-day trading opportunity as oil continues to show strength given the geopolitical events in the Middle East (as outlined below). All the best. SmallCapMomo.com --------------------------------------------------------------------------------------------------- Hello investors / traders, In case you haven't been paying attention, the price of crude oil has been skyrocketing in recent weeks. At $57 a barrel it is near 52 week highs, with no sign of slowing down. And headlines of political unrest in Saudi Arabia are only adding fuel to the fire (excuse the pun). In the last several days the new crown prince of Saudi Arabia has initiated a massive purge of dozens of his fellow princes, ministers, and others in the kingdom in what's been labeled as an "anti-corruption" sweep. And some are fearing this could bring Saudi Arabia closer to war with Iran. With Saudi Arabia the world's largest oil producer, and Iran the 5th largest, its no wonder why oil is being pushed higher. But all this turmoil means opportunity for traders. When oil prices surge, small cap oil companies offer some of the best trading opportunities in the market. Once such company I'm focused on today is Jericho Oil Corp (JROOF). For our friends north of the border, Jericho Oil Corp also trades on the Canadian exchange under the symbol TSX: JCO. The chart technical's in JROOF are extremely bullish. As you can see below, there is tremendous support at $0.55, and over the past few days JROOF has been trending higher along with its 50 day moving average and increased trading volume. So right now, JROOF is in a trading range between $0.55 and $0.65. A breakout through resistance could trigger a flood of momentum and short covering. And the best way to ride a potential breakout is to get in early. Even BarChart.com has given JROOF its highest rating. JROOF is a growth-oriented junior oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid-Continent, particularly Central Oklahoma. Oklahoma offers a unique opportunity for JROOF to execute its business plan. With 1 billion barrels in proven oil reserves it ranks in the top 5 oil producing regions in the US, and 3rd in natural gas. In the aftermath of the oil price crash of 2014, major oil producers alike started the process of divesting non-core assets. Put simply, JROOF's strategy is to identify fractured and dislocated markets and opportunities, buy orphaned assets for pennies on the dollar then apply modern technology to under-performing assets. The objective being to realize long term intrinsic value of the assets through operational efficiency. You can read a full report on JROOF at http://jroofreport.com/ a You can also learn more about the Company on their website https://jerichooil.com Major Recent Acquisitions Last week JROOF announced that its STACK Joint Venture (“STACK JV”) has closed the acquisition of an additional 76 acres (100% held-by-production) in the oil window of the Anadarko Basin STACK play in Oklahoma contiguous to its current position. And last month, JROOF announced that it has completed the acquisition of an additional 25% working interest (“WI”) in a producing oil and gas asset package in Central Oklahoma from its Private Family Partner (“PFP”) for US$3.5 million. So, its no wonder why we see JROOF as a major trading opportunity here. The oil market is going crazy right now. While JROOF has been quietly consolidating, many junior oil company's have been skyrocketing. This could be a major opportunity for traders to take advantage of. With the current geopolitical risk and talk of Middle East war, oil looks like it has the potential to keep going much higher. And the recent news catalysts and acquisitions have put JROOF front and center in trader's minds. We think the trading ducks have lined up well for JROOF, and a technical breakout through $0.65 is a real possibility. If oil prices continue to surge higher, and there is a technical breakout, it's anyone's guess how high JROOF could go. Do your own research and get ready for an exciting new trading day ahead. --------------------------------------------------------------------------------------------------------
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