Enerplus Corporation, together with subsidiaries, engages in the
exploration and development of crude oil and natural gas in the United
States and Canada. The company primarily has interests in approximately
162,000 net acres of lands comprising approximately 77,000 net acres
targeting the Stacked Mannville zones and 85,000 net acres targeting the
Duvernay formation in the Deep Basin region, Canada. As of December 31,
2014, it had proved plus probable gross reserves of 157,293 thousand
barrels (Mbbls) of light and medium crude oil; 43,138 Mbbls of heavy
crude oil; 12,798 Mbbls of natural gas liquids; 456,430 million cubic
feet (MMcf) of natural gas; and 839,940 MMcf of shale gas.
Take a look at the 1-year chart of Enerplus (NYSE: ERF) with the added notations:
ERF has been trading sideways on top of a $4.50 support (green)
during the most recent three months. Now that the stock appears to be
testing that support level again, traders should be able to expect some
sort of bounce. However, if the $4.50 support were to break, lower
prices should follow.
The Tale of the Tape: ERF has a key level of support
at $4.50. A trader could enter a long position at $4.50 with a stop
placed under the level. If the stock were to break below the support a
short position could be entered instead.
No comments:
Post a Comment