Stone Energy Corporation (NYSE: SGY)

Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region. As of December 31, 2012, it had estimated proved oil and natural gas reserves of approximately 773 billion cubic feet of gas equivalent. The company was founded in 1993 and is headquartered in Lafayette, Louisiana with additional offices in New Orleans, Louisiana; Houston, Texas; and Morgantown, West Virginia.
To analyze the company's stock for potential trading opportunities, please take a look at the 1-year chart of SGY (Stone Energy Corporation) below with my added notations:
Back in September and October SGY had been holding support at $23 (blue), which it eventually broke in November. Since then, the stock has chopped sideways while rallying back up to that $23 breakdown level on multiple occasions and hitting it as resistance. A break back above that $23 level should mean higher prices for the stock.
The Tale of the Tape: SGY has a key level at $23. A long position could be entered on a break back above $23 with a stop placed under that level. Or, a short play could be made at $23.

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