(NYSE:EGY)- Vaalco Energy Bottoming up
VAALCO Energy, Inc. is a Houston, Texas-based independent energy company principally engaged in the acquisition, development, and production of crude oil. VAALCO’s strategy is to increase reserves and production through the development and exploitation of international oil and natural gas properties. (Source:https://www.vaalco.com/about-us/)
This company has recently caught our eyes with spectacular turnaround results accompanied by the recovery in oil prices.
Recent results announced (Topline and bottom line both grown at spectacular rates)
VAALCO Energy indicated $30.66 million in revenues this 1Q'18 or 44.1% higher than a year ago and up a whopping 78.7% sequentially.
Good positive cash flow of $14.6 million in the first quarter.
In this article I will be looking at the technical side of the analysis:
Weekly chart:
Looking at the weekly chart we see a very nicely formed multi year base ( Since mid 2015 until now) and a narrow base. Recently volume on the weekly chart drastically increased and I believe that this could be an attempt to breakout of its long term base. If it breaks out of 2.7, in the medium term it should be able to test $6.
Hourly chart dated 12 Jun 2018 when first broadcast was given:
On the hourly chart there was a bullish breakout of an ascending triangle on the hourly charts at 2.41! Hence in the short term we expect prices to test previous high at 2.6+ range.
Summary: EGY bullish short term and mid/long term , please dydd above is only my opinion not buy or sell call.
Interested in joining our community and receive live Satki calls, please refer to this
Disclaimer:The contents of this website are provided to you for information only and should not be used as a basis for making any specific investment, business or commercial decision. These pages should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds or any investment products, mentioned herein, or, in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction
