NEW BULLISH Plays
Whiting Petroleum - WLL - close: 56.24 change: +0.04
Stop Loss: 54.75
Current Gain/Loss: unopened
Entry on September -- at $--.--
Listed on September 23, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.5 million
New Positions: Yes, see below
Why We Like It:
WLL is an independent oil and gas company. What you may notice is how WLL has not seen the same profit taking that hit the energy sector the last few days. The stock has been holding at new 18-month highs. Traders bought the dip this morning and pushed WLL back into positive territory.
Technically the trend is bullish with the recent breakout past resistance near $55.00. There has also been some speculation that WLL could be an acquisition target.
More aggressive investors might want to consider launching bullish positions now. I am suggesting a trigger to launch positions at $56.75, which is just above the September 19th high. If triggered our multi-week target is $62.00, although we may have to adjust that. It is possible that the $60.00 level could prove to be round-number, psychological resistance.
Trigger @ 56.75
Suggested Position: buy WLL stock @ (trigger)
- (or for more adventurous traders, try this option) -
buy the 2014 Jan $60 call (WLL1418a60) current ask $2.60