Higher low pattern on daily chart setting up for move off of the low
As mentioned on Sunday, I have been out this week at an oil and gas seminar. In this seminar I have been getting a substantial fundamental education in petroleum by the University of Texas Petroleum Extension school program. It cost me several thousand dollars but I have been getting an education from geologists, geophysicists, drilling engineers, refinery managers, fishing tool operators, well production men, land men, blow out recovery guys, and networking with industry professionals.
Tomorrow is my last day of the program but I've already come away with more product knowledge than all of the bashers combined, and definitely with more references and industry contacts than 5 times all of the bashers combined.
Having reviewed many of their comments, including those of the poser oil men we have seen time and time again, it is now obvious to me that they are more clueless about the oil industry than they are about trading. I'm serious, they know so little about the upstream oil services that they are absolutely unqualified to bash this stock.
As far as this week's trading is going, it's a light volume manipulation ahead of a catalyst. The chart is showing a higher low pattern support trendline with today's trading strongly indicating a move up off of the trendline.
In other words nobody of importance is selling, and also there is no volume behind the "selling". The real investors are accumulating below 3 cents and furthermore the short sellers are not brave enough to really slam the stock down below trendline.
We are waiting on the 10 Q. The reason this will be important is because the torch needs to be passed from retail investors to bigger money. If bigger money sees sufficient financial trend data then they will put more money into this position which will cause a spike in the price. When there is a spike in the price the momentum players will come in behind it to lift the stock. The question is whether or not TECO will have some more follow on data to invite more bigger investors and smaller investors to put money into the position in the days/weeks following the financials.
East Texas, West Texas, Lousiana, and Belize. Multiple catalysts are ready to pop any day now along with financials showing a multiple in growth over last quarter. The bears can try manipulate all they want, they have less than a week left before they get hit hard again.
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