PWE (Penn West Energy Ltd.) has hit the second price target, T2 at 2.35, for a 22.4% gain in just four trading sessions. With the longer-term bullish outlook for both PWE & crude oil continuing to build, I have decided to make T4 the official final target for the PWE Long-Term Trade idea while T3 (2.52) will remain the final target for the Active Long Trade idea (i.e.-typical swing trade). If you are new to the site or unclear on the difference between the those two trade idea categories, a description of each is provided towards the top of the page when viewing the trades assigned to each category.
PWE daily April 15th
My expectation at this time is for a decent reaction (i.e.- pullback and/or sideways price consolidation) anywhere between current levels up to the T3 area, followed by a breakout of this large “W” bottoming formation, which would likely bring PWE up to the T4 level over the next 3-9 months+/-.
Regarding the trade ideas on the site, there are several trades still listed in the Active Trades category that have already exceeded their suggested stop or simply no longer look compelling from an R/R perspective. I hope to have all trade idea categories updated later today.