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(Denny Thurston/Getty Images/iStockphoto)
(Denny Thurston/Getty Images/iStockphoto)

What the Charts Say

Bullish on Kodiak Oil & Gas Add to ...

Kodiak Oil & Gas rallied from $3.59 (U.S.) to $10.90 (A-B) and then settled in a large triangle pattern for about one year and-a-half (dotted lines). The subsequent sharp rise (C) signaled the breakout from the triangle formation and produced an over-bought condition. Consequently, the stock pulled back to its rising 40-week Moving Average (D) and now appears ready to resume the up-trend (E). Only a decline below about $10 would be negative.

Measurements provide targets of $14 and $16 (11.9-per-cent and 27.9-per-cent appreciation potentials from current levels). The large triangle pattern (dotted lines) supports higher targets.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

Follow us on Twitter: @Monicarizk1, @RonsBriefs

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