OOIL Positions for another Rally
Good Morning Team! Last night I gave you my breakdown on OriginOil (OOIL) and why I think it could be just starting to heat up as we head into the final days of the month. Over the past 24 hours, attention has been growing and there are a lot more networks catching onto this play. Since the second week of June OOIL has been moving up in a strong way and momentum has been fueling the latest rally.
As we saw last week, OriginOil hit highs of $0.225, a PPS it hasn’t seen since March, and following that, it pulled back slightly. The important part that I wanted to highlight with this was that though there was a pull-back, it seems that the current accumulation has begun to form a new support level between $0.18-$0.19. This is much higher than it was when I first began coverage earlier this month. Based on this and the previous track record for OOIL bouncing off of an established support level, I believe that Friday’s late afternoon rebound from its lows could be the first sign of OOIL making another move.
In addition to this, the company has been gaining a lot of attention not only from demonstrations recently in Colorado but also from features on media shows like the “Big Biz Show”. There’s so much going on with this company and if you read through last night’s full report below, you’ll see why now more than ever I think OOIL could be positioned at the forefront of a new boom in the clean frac industry!
Pull up OOIL, refill that cup of ‘joe’, and let’s get ready for the open.