Energen Corporation (NYSE: EGN)

Energen Corporation is engaged in the development and exploration of oil, natural gas, and natural gas liquids in the continental United States. As of August 28, 2014, the company had approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves, as well as 2.5 billion barrels of oil-equivalent contingent resources. Energen Corporation was founded in 1929 and is headquartered in Birmingham, Alabama.
Take a look at the 1-year chart of Energen (NYSE: EGN) below with my added notations:

EGN has been in a persistent downtrend since June. During the most recent 4 months the stock has formed an important trend line of resistance (black). Always remember, any (2) points can start a trend line, but it�s the 3rd test and beyond that confirm its importance. So, EGN obviously has an important trendline of resistance, which currently sits near $66.

The Tale of the Tape: EGN is currently stuck under a down trending resistance. A break above that resistance should mean higher prices, thus a long trade could be made. Short traders might look to enter a trade at the resistance with an expectation of a fall back down to the $55 support (blue).
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