|The reason for the fall in oil prices could be one of many. Is it because Saudi Arabia started bombing in Yemen? Is it because of sanctions against Russia? Is it because of....? No matter what the cause, at some time the oil price should start rising again. Alberta, a province of Canada that relied on its oil production had been sorely hit, and has moved into depression. With a possible and highly probable increase in the oil price, is it time to start looking at companies that operate in Alberta as future investments? One such company is Kelt Exploration.|
Kelt Exploration is an oil and gas company based in Calgary, Alberta, Canada. The company focuses on the exploration, development and production of crude oil and natural gas resources. The share price of the company has fallen dramatically over the past year.
|Figure 1. Weekly chart with Elliott wave count.|
|Graphic provided by: AdvancedGET.|
|The chart in Figure 1 is a weekly chart with an Elliott wave count suggesting that the share price could be in a WAVE C bottom. This is confirmed by the RSI indicator which appears to be forming a divergence bottom. A divergence bottom occurs when the share price makes lower lows, while the RSI forms higher lows. Do note the ADX/DMI indicator, which has not given a buy signal suggesting that the share price could fall further.|
|Figure 2. Daily Omnitrader chart showing buy signal.|
|Graphic provided by: Omnitrader.|
|The chart in Figure 2 is a daily Omnitrader chart showing the buy signal on the Vote line that brought the share to my attention. The buy signal was triggered by the TDI Special trading strategy shown in green below the Vote line. The share price is also testing the lower external band suggesting that the share price could start rising. Note the volume over the past two days. Volume was small when the share price fell, and strong when the share price rose. |
Sometime in the future, the oil price should start rising. Looking for shares to add to a watch list, as the share price reaches a bottom could be the way to go. Kelt Explorations is one share that should be placed on that watch list.
|Address:||3256 West 24th Ave|
|Phone # for sales:||6042634214|
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