ESI quick potential with oil rebound

16 abr 2020

ESI is a stock that I've been following for about a month now. It caught my attention when it went into sub $1 prices and really showed value at $0.25. Here I have the potential trend it may follow in the next few days, which relys completely on WTI prices, as this stock does follow fairly close in line with WTI pricing. At R1 we had our first peak which was supported by oil prices, followed by a quick fall back into support at S1. This was followed by a price rebound into a double top at R2. Following this the decline in oil prices that occured after the OPEC meeting, substantially dropped the price again back to current support at $0.46. Depending on oil price movement we may see a move back up into that $0.70 resistance, which if broken would allow the price to potentially run up to around $1.80 - $2.60 within a short ammount of time. Obviously current ecenomic conditions do not support this, but none the less, the potential is there. Even at current pricing, a 100% return is very possible. Let me know what you think!!