Watchlist Addition April 10th: Northern Oil and Gas (NOG): Here's a great Bakken producer with an efficient non-operator model. Shorts have taken control of this name over the past few weeks, but its starting to show signs of life at the $20 support area. Notice the falling wedge, and also notice the ADX rising above the -DI line (red circle). This is a classic v-bottom setup. No entry yet, but I am keeping a very close eye on it.
UPDATE April 12th: Added to my NOG position at $20.50 this morning.
UPDATE April 17th: NOG took a dive yesterday along with other oil and gas names. I lightened up my position at a small loss, but I am still holding a core position from $20.90. Patience on this one...
disclosure: I am long NOG from the $21 area.
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