CRK Barrier Triangle "Bullish"
Hello,
What is CRK?
Comstock Resources, Inc., an independent energy company, engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. As of December 31, 2019, the company had 5.3 trillion cubic feet of natural gas equivalent and 16.7 million barrels of oil equivalent of proved reserves. It also owns an interest in 2,800 producing oil and natural gas wells. The company was founded in 1983 and is headquartered in Frisco, Texas.
News
My Thoughts For You
Yes, we have a barrier triangle that is becoming tighter towards the end, which is why I have added the extra 4 labels. I like to mention that sometimes we could see a breakout before this triangle completes the other waves. I call it a failure and here is a snapshot below to explain what that would look like. Furthermore, the target I have is a standard target range measured by using the widest end of the triangle and adding that to the top of the trendline of the triangle upon the breakout.
I believe that CRX has bottomed and in accumulation right now. If we see this breakout, I have no doubts that this Price could go through the roof, several hundred dollars is not out of the question given the fact that this company was sitting at $453.00 in June of 2008.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
What is CRK?
Comstock Resources, Inc., an independent energy company, engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. As of December 31, 2019, the company had 5.3 trillion cubic feet of natural gas equivalent and 16.7 million barrels of oil equivalent of proved reserves. It also owns an interest in 2,800 producing oil and natural gas wells. The company was founded in 1983 and is headquartered in Frisco, Texas.
News
My Thoughts For You
Yes, we have a barrier triangle that is becoming tighter towards the end, which is why I have added the extra 4 labels. I like to mention that sometimes we could see a breakout before this triangle completes the other waves. I call it a failure and here is a snapshot below to explain what that would look like. Furthermore, the target I have is a standard target range measured by using the widest end of the triangle and adding that to the top of the trendline of the triangle upon the breakout.
I believe that CRX has bottomed and in accumulation right now. If we see this breakout, I have no doubts that this Price could go through the roof, several hundred dollars is not out of the question given the fact that this company was sitting at $453.00 in June of 2008.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
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