Bottom is forming

Posted by bakkenexpert

The market has taken a somewhat predictable yet still very volatile pattern over the last few weeks.  We see resistance when the dow approachs the 9200-9500 range and we have seen three retracements to the 8500 range.    Oil has retraced into the high 50’s twice and then bounced back into the 60’s.   Oil investors are viewing this as a positive sign and the start of a long term bottom.   Most of our bakken plays are holding steady around 30-50% higher than their 52 week low.    With a deep recession in progress and investors looking for a flight to quality,   oil as a commodity may be back in fashion soon and we may see a sector rotation back into oil.     EOG and MDU showed quite a bit of strength today as Citigroup upgraded the natural gas sector citing valuation.

Symbol	Last Trade		Change		Volume	Avg Vol (3m)
NOG	Nov 7	5.03	0.19	3.64%	161,035	346,774
WLL	Nov 7	43.96	0.38	0.87%	1,962,646	1,380,350
SM	Nov 7	22.73	1.08	4.99%	631,127	1,211,560
MDU	Nov 7	18.61	0.93	5.26%	1,026,779	1,483,210
GEOI	Nov 7	11.23	0.28	2.56%	46,722	133,912
BSIC.OB	Nov 7	0.97	0.03	3.00%	5,500	38,635.9
WSEG.OB	Nov 7	0.06	0.05	47.83%	725,322	447,142
CLR	Nov 7	25.19	0.16	0.63%	1,802,370	2,219,850
BEXP	Nov 7	6.04	0.26	4.50%	499,226	962,539
KDKN.OB	Nov 7	0.60	0.02	3.45%	58,040	95,348.4
KOG	Nov 7	0.60	0.09	13.04%	2,361,940	1,043,750
EOG	Nov 7	79.88	2.71	3.51%	3,500,837	4,830,430

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Tags: bottom commodity EOG oil recession wll