Whiting Petroleum Corp (NYSE: WLL)

Whiting Petroleum Corporation, an independent oil and gas company, acquires, explores, develops, and produces crude oil, natural gas liquids, and natural gas in the Rocky Mountains and Permian Basin regions of the United States. It sells oil and gas to end users, marketers, and other purchasers. As of December 31, 2014, the company’s estimated proved reserves totaled 780.3 million barrels of oil equivalent; and had interests in 4,471 net productive wells across approximately 886,700 net developed acres.
Take a look at the 1-year chart of Whiting (NYSE: WLL) below with my added notations:

WLL has formed a clear resistance at $40 (red). In addition, the stock is climbing a short-term, uptrending support level (green) over the last couple of months. These two levels combined have WLL stuck within a common chart pattern known as an ascending triangle. Eventually, the stock will have to break one of those levels.

The Tale of the Tape: WLL has an uptrending support and a $40 resistance level to watch. A long trade could be made on a breakout above $40 or on a pullback to the trendline. A break below the trendline support would be an opportunity to enter a short trade.
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