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 the added notations:

WLL has been working its way lower over the course of the past year. In the process, the $20 price level (blue) has become very important to the stock over the past 3 months. The $20 level not only provided WLL with support at the end of July, but that level was also a key resistance back in August. Now, the stock is back above that $20 level.

The Tale of the Tape: WLL has a key level at $20. A trader could enter a long position on a pullback down to $20 with a stop placed under the level. However, if traders are bearish on the stock, a short trade could be made instead if the stock breaks back below $20.