Tuesday, July 21, 2015

Energen Corp. (NYSE: EGN)

Energen Corporation, through its subsidiary Energen Resources Corporation, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. As of December 31, 2014, the company had approximately 372.7 million barrels of oil equivalent reserves located in the Permian Basin in west Texas, and the San Juan Basin in New Mexico and Colorado. Energen Corporation was founded in 1929 and is headquartered in Birmingham, Alabama.
Take a look at the 1-year chart of Energen (NYSE: EGN) with the added notations:
EGN has mostly trended higher since its October/December low. However, from January through July the stock has also created an important level of support at $60 (green). Expectations would be for a rally from here, but a break of the $60 would most likely mean a fall to the next level of support at $55 (red).

The Tale of the Tape: EGN has an important level of support at $60. A trader could enter a long position at $60 with a stop placed under the level. If the stock were to break below the support a short position could be entered instead with the expectation of a fall down to $55.

No comments:

Post a Comment