In ProgressIf you click on the heading you will create an address link from which you can create a favorite that leads to this page.
This page is the starting page for the SOG Stock charting link!
The link leads to a weekly chart that will dynamically update as time progresses..... It is the simplest way to choreograph a speculation across time.
For each start page example..... in this case (a speculatively fundamentally solid small cap stock), it is far more efficient to use a starting page and a link to a charting platform... than to paste a compromised picture of it here on this board, and then create follow up posts.
Each start page becomes the source of all the links... real easy to manage and navigate at the same time.
Consider this study as experience in successfully attempting to rationalize and participate in penny stock plays.
The attraction to follow this stock is that it is a resource stock in a safe jurisdiction and it scores well on some very valid strong speculative fundamentals and this particular chart is still apparently early in a strong looking potential bottom bounce resumption of an uptrend off... a reverse head and shoulders... others could call it a V bottom, or possibly a cup and handle... all the elements are there.
After looking at the chart, this makes it an interesting play... even more so if you factor in the fundamentals speculation, which is so important to the mainstream crowd.
Strategic Oil & Gas Website Link to chart in public list Stockcharts Public List
The purpose of this charting effort is to attempt to track this potential early move in a consolidating trend looking to break out of a bottom pattern shown in a weekly chart ... Trading is brisk and accompanies a significant bottom set up bounce off the lower support level, having popped above both the 50 and 200 day average.
SOG is now trading briskly above the 50 and 200 day average when viewed in a daily frame.... which will bring it to the attention of traders who scan for these popular averages.
A 20 day volume average above 621,986 thousand suggest a fairly well known play, and this case a higher float and paper overhang. Of which the volume is under today, and is consistent with some resistance which is suggested in the daily chart..
Using ten baggers and greater as charting test subjects... The problem in picking long term up trends... is that as time progresses... the chart becomes distorted on the left lower side...
It becomes apparent in the final stages of over bought chart distortion... that you wish you could have seen the beginning and recognized the start of the long term up move... risk is of a different kind at that stage..........!
That is where you could have bought some... as the price has/will move significantly since then, and is at more risk..
A chart depicting a long term trend in the final stages gradually shunts or causes the lower left side of the chart to be compressed and warped.. If you are to see and recognize early stage movement of what the beginning of the trend looked like then... you must create a timeline in the chart studies of successful up trends that cover a historical section of dates to draw on... this allows you to create charts that only show the section of the early beginning of the trend. In this way you can learn what to look for!
Having done that... knowing what to look for looks like this chart which represents a classical picture of a trend which was in a consolidation of what appears to be long term trend what would/might look like if you were lucky enough to recognize it for what it was... and were prepared to bid and not chase. In this case the trend was broken and has not been properly re-established so we are looking at this current weekly and comparing it to different chart patterns... Here it is again in a daily format showing a breakout that is familiar in the early stage up trend.
Support is along the 50 and 200 day average with the price trading above both the 50 and 200 day average in a daily current chart.. it would be nice to see a bit of a tax selling pressure to bring it back to the 200 day support level, and with the larger float and options... considering the reasonably large float and possible remnants of previous holders from the last break in trend, and previous high to that... it can't be ruled out in the next 3 weeks.
SOG.V is depicting a potential pull back. Using the same chart settings, but in a 60 minute frame puts support at about $1.00... If you set the chart to reflect a 3 month time frame in 60 minutes to calculate some intel on support... you will see that $.80 to .90 looks to be the lowest price in that time line as the next stop seeming to be some pretty solid support. The morning trading should be at least 4 hours before a person were take a leap of faith... It has and always will be the open on a gap or an open above the previous days open where the professionals sell to the retail crowd. As a general rule it takes about 4 hours to see if it is heading up for another up day. What I would expect is the price to have a tough time on the open and make the days low and break to the upside after 4 hours. This is where the more stronger hands will make an entrance (if there is not a red candle forming in the end of day daily chart as a red candle should be viewed as the potential start of a pullback) so/and if there is enough volume and bulls, the price should close strong at the finish. If we get a red candle forming by the 4th to 5th hour in a daily chart real time... I would be cautious... and look for a better entry position at or near some type of support using 60 minutes as a pretty short term attempt at the very difficult skill of timing. If you employ a 60 minute chart... on a pullback... .90 cents, or there abouts looks good for a target.
I must say that a chart does not imply anything other than what the share price is doing as of the day it is looked at.... any speculation on the direction a share price will take is at the whim of the beholder, and this applies to all stocks from here and in between (including APPLE) because this trader believes that there is no valid rationalization to use the stock market for investing and no matter how solid the fundamentals, fear and greed rule... so understanding sentiment is key to playing and keeping your money.
However, fear and greed is best fed on solid fundamentals.
It helps to aim the charting study at something that has some strong speculative fundamental considerations if it is in small cap land... for a chance at holding on to a potential bagger of some sort and to have some fundamental strength to back up the speculation. The share structure in this issue is a little high and as can be seen shows a 52 week high creating some toppy chop. We would have liked a better (lower) number in all categories... however, there seems little chance of RS as the remaining fundamentals suggest the reasons for a reverse split do not exist at this time.
If the stock finishes down, I would be cautious... hoping for a bit of that possible consolidation... regardless, the trend looks potentially robust
Dave GLTA
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