Baytex Energy Reversal targets $bteBaytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canad
BTE trade ideas
Andrew Aponas | Large SpikeDisclaimer: thank you for taking your time to look at my idea please understand that I didn't publish it to influence your decision to invest your money and void myself of any responsibility towards your investments.
Note: I am simply trying to increase the coverage that the company may or may not have by publishing an optimistic guess I don't know anything about the company I am publishing the idea about, I haven't done any research on the company, I don't know what it's operations are, or if it's profitable.
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Bullish hereBullish here on BTE. Love the Oil and Gas sector right now and have for a while. Broken several market structure resistance and forming bullish pennant with two significant levels of support below and a lot less immediate resistance ahead. Could consolidate here for a while based on the MACD history but looking for a break up out of the pennant!!
See what happens!
BTE OutlookBTE is setting up nicely for a buy off all time lows. From the weekly we've found major support areas between 2.01-2.20 price area. Trading within a descending wedge on the W1/D1. The double top on the D1 formed since Feb 8th has created a bullish cypher pattern and this is the area where we'd expect to buy the D. If you get a continuation this cypher pattern is valid. If the pattern is repeated we can look for this setup to continue bullish.
Daily:
Weekly
Long BTE b/w 2.04 & 2.13; Target 2.47-2.53Looking for a long b/s the most immediate low @ 2.04 on hourly and 2.13. However, only a Close above 2.18 on hourly is likely to confirm a short term retrace to 2.50; prior support zone on daily.
Here's a look at the short term hourly chart with the bullish divergence signals.
A possible short term case for a $3.49 reboundRSI of less than 30 on the daily chart shows a strong potential for a rebound from there level which could learn to a full reversal longer term. Today appears to have been the start of it with significant bull volume and a 6% gain. If we gap up on Monday above $3.15, we'll see $3.49 intraday or Tuesday and bullish reversal will be confirmed. Bears are tenacious but with oil analysts on TV highlighting the value of BTE, buyers will likely be researching this stock and understanding that at such a low stock price to value, a larger oil company will take out BTE. The upsides from sub $3 and low $3 far outweighs the downsides. But do not be surprised to see consolidation and some weakness as we break the $3 barrier. Bullish Reversal is not yet confirmed. Daily candlesticks shows pending inverted bullish hammer. Let's see if the reversal is confirmed Monday. Trade appropriately in the meantime. If you are a longer term investor, consider averaging down sub $3s and ensure you don't position yourself having to sell on margin calls.
potentil Elliott wave pattern on BTE TSX:BTE
We can see a support level form on BTE at around $4.22 after the Trent down since May, with the increase in volume on the 10th to the 12th we could see a short sell off then due to anticipation of the earnings report the speculators could buy in to follow a $ stage Elliott wave.
Baytex Before Earnings (May 4, 2018)BTE.TO was supposed to outperform as long as the price of oil stays above 66$ since December. As you can see, its up by 89%. The could be a potential gap up and shorting opportunity (intraday). If anyone has any suggestions or corrections. Comments are much appreciated as I am always willing to learn.
Bullish Oil Futures = Energy Companies (#7 BTE)Intention to break the resistance
The same argument as in the last publication, but what is the issue here. When I publish an idea it is usually based on a confirmed resistance breakout from the weekly chart perspective it has to be a fact but in this idea that has not happened yet because I'm speculating.
But on the other hand I'm not getting too far ahead in time I'm basically close to the resistance area around 3.70 close to 4.00 and I make the assumption of what I think will happen later in time based in price action and based in that the Energy Companies are having a good moment now, in this Industry some are leading and others follow they, some are breaking resistance lines now, others are making the pullback now, and others are have not reacted yet.
Who am I to say that this is going to happen (I am a speculator) because this has not happened yet, but this is the only way to do things here because if you always wait to be more secure when you decide to enter the price will be more higher and then come the reproach of why not buy before, in this activity there is always the remorse after the facts.
On the other hand I'm not doing fantastic projections or giving targets above the 40.00 area .