MXC-Long ideaRetracement to 50% area, strong bullish candle today, energy sector to return, above 50 MA, 2:1 RR
Target = 22.50
SL= 18.97
MXC trade ideas
Mexco Energy CorporationMexco Energy Corporation is an independent, publicly owned oil and gas company engaged in acquiring and developing oil and gas properties and the exploration for and production of oil and gas.
$MXC Next Target PT 55 and higherMexco Energy Corporation, an independent oil and gas company, engages in the acquisition, exploration, development, and production of natural gas, crude oil, condensate, and natural gas liquids in the United States. It owns partial interests in approximately 6,400 producing wells located in the states of Texas, New Mexico, Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana, Virginia, North Dakota, and Ohio. As of March 31, 2021, the company's total estimated proved reserves were approximately 1.504 million barrels of oil equivalent. It also owned leasehold mineral and royalty interests in approximately 3,169 net acres. The company was formerly known as Miller Oil Company and changed its name to Mexco Energy Corporation in April 1980. Mexco Energy Corporation was incorporated in 1972 and is based in Midland, Texas.
MXC ready to jumpBased on volume price movements,I expect MXC will go up.
Take Profit: 19.0
Stop Loss: 10.75
MXC in a channel, about to break out?Hi. In this chart I've plotted one resistance line and one support line, both quite short term. With these two I've also plotted two more long term zones:
One wide diagonal support zone that has played out since April 2020. Its very strong and if broken could be a strong indicator of a trend turn.
One tall resistance zone that while not very strong could still indicate roughly the height that the price could go if it goes sharply bullish in the near future.
With this I've also included an MA 56 to reinforce the strength of the support zone as the MA has danced along it for a long time.
I've also included a MACD to assist in any predictions regarding impending price movement. To me it indicates an impending short term bull run, as it could be about to cross the 0 line.
In conclusion:
MXC is still in a strong bull run and has been for a year.
There are no signs that a trend reversal is impending and with the recent price spikes I would conclude that the price wants to rise above the resistance zone plotted and MXC could be a solid investment for long term investors with perhaps the only downside being a longer ROI.
For short term investors the impending resistance zone break could be a nice spike to go long on, as plotted with price points.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
GOIt is said that Operating revenues in fiscal 2020 were approximately $2,738,540, an increase of 2% when compared to fiscal 2019 operating revenues of $2,686,873
MXC Is In The Middle Of A Short SqueezeMXC Is In The Middle Of A Short Squeeze
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While Mexco Energy didn’t release any press releases, it did file documents with the SEC yesterday. The documents announced a coming Annual Meeting of Stockholders.
The meeting will be held at the company’s principal office at 2:00 p.m. on September 10, 2020.
So, What’s The Big Deal?
There really isn’t one. The company is electing directors, which is somewhat exciting, but not 200% gains exciting. So, what’s going on? It’s a short squeeze.
Before the SEC filing, MXC was a highly shorted stock. With the announcement, a little bit of excitement ensued, leading to slight gains. This led to some shorts abandoning their positions, leading to further gains. The process continued until shorts began to race to cover, leading to a short squeeze in Mexco Energy stock.
Keep in mind that while there may be plenty of room ahead, short squeezes are short term moves. There’s a strong likelihood that at some point soon, the stock will tank as traders take profits. So, be prepared for the move.
$MXC Bullish Momentum From PullbackMexco Energy Corp. operates as an independent oil and gas company, which engages in the acquisition, exploration, development, and production of natural gas properties and crude oil. The firm focuses on the Midland Basin located in Eastern portion of the Permian Basin including Reagan, Upton, Midland, Martin, Howard, and Glasscock Counties; and Delaware Basin located in the Western portion of the Permian Basin including Lea and Eddy Counties, New Mexico, and Loving County. The company was founded in April 1972 and is headquartered in Midland, TX.
SHORT INTEREST
36.73K 09/30/19
P/E Current
-722.83
P/E Ratio (with extraordinary items)
-114.83
Average Recommendation: BUY
Average Target Price: 14.00
1/4/19 MXC (N) @ 5.64 OVERNIGHT HOLDOvernight Hold - Broke day resistance after 2:30pm
CONS: Very low volume then what I would prefer
Strong Resistance Levels - MXCThere appears to a robust amount of resistance at around the price 18.50-19.00, considering a breach at this level could imply a prolonged bullish position in store for the future.
Not Investment Advice. For Educational and Analytical Purposes Only. (Do Your Own Research and Stick To Your Trading Plan!)
