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WHITECAP RESOURCES INC

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WCP trade ideas

WCP at All Time LowsWCP is looking extremely oversold on their weekly chart for RSI, but still has further to go. Volume is still increasing on the 1D in a downtrend. ( bearish ) on the 1H, WCP has created a lower low yesterday at 3.80, then a lower high today at 4.20. WCP will need to push above 4.20 for a higher high and a chance at a trend reversal. If you look at the Monthly chart to get an overall picture, you can see 4.64 was the price WCP launched at in October of 2010. So you could have held for over 8 years and still be at a loss. We are looking for a Higher low above 3.80. If that forms, we need to break 4.20/4.24 at the very least to establish both a higher low and a higher high. Otherwise, we are just in an symmetrical triangle/equalizing pattern. We are currently at all time lows for WCP so there are no clear lines of support. If you haven't entered WCP yet, you should wait until there is a clear change in trend on a higher time frame to play it safe for longer term investments.
TSX:WCP
by DunnDeegan