Potential Long Trade: Oilsands Quest (BQI) Stock
Oilsands Quest is an oil sands play since oil is trading over $80 a barrel and the higher oil goes the more feasible extracting oil from oil sands becomes.
On the monthly chart the stock hit a near term low of $2.37 on a low 39MM shares which means the sellers are out. Then in July the stock climbed higher on 87MM shares more than double the previous months volume. Last month there was 95MM shares which is even more bullish. In the longer term this stock wants to test $8.90 probably within 6 months.
On the daily chart the price touched the lower trend line on light volume of 1.2MM shares and closed at $4.85. This is a good entry point for BQI. I will look into buying this stock on Sept 18 after the Fed interest rate announcement.
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