Gulfport Energy Corporation engages in the acquisition, exploration, exploitation, and production of natural gas, natural gas liquids (NGLs), and crude oil in the United States. The company’s principal properties are located in the Utica Shale primarily in Eastern Ohio; Louisiana Gulf Coast in the West Cote Blanche Bay; and Hackberry fields. It also has interests in the Niobrara Formation of Northwestern Colorado; Bakken Formation; entities that operate in Southeast Asia, including the Phu Horm gas field in Thailand; and Alberta oil sands located in Canada. As of December 31, 2014, the company had 933.6 Bcfe of proved reserves, as well as undeveloped reserves totaled 3,778 thousands of barrels oil, 373,840 millions of cubic feet natural gas, and 13,889 thousands of barrels of NGLs.
Take a look at the 1-year chart of Gulfport (NASDAQ: GPOR) below with added notations:
After its April through July decline, GPOR started trading sideways
over the next couple of months. While in that sideways move, the stock
has formed a common pattern known as a rectangle. A minimum of (2)
successful tests of the support and (2) successful tests of the
resistance will give you the pattern.
GPOR’s rectangle pattern has formed a resistance at $36 (red), and an
$32 support (green), which it barely held yesterday. At some point the
stock will have to break one of the two levels.
The Tale of the Tape: GPOR is trading within a
rectangle pattern. The possible long positions on the stock would be
either on a pullback to $32 or on a breakout above $36. The ideal short
opportunity would be on a break below $32.