While most oil & gas exploration and production companies have been reeling in the last couple years with ugly charts that extend from the upper left to the lower right, there are still some companies with bullish charts and promising stories out there. Leucrotta Exploration (LXE.V) is one of these companies:
LXE.V (Daily)
Charts don’t get much stronger than this one with more than a double from the January low and signs of heavy accumulation in recent months (shallow, low volume pullbacks coupled with heavy volume advances). Moreover, LXE appears to be building energy for its next surge higher.
Haywood Securities nicely summarized the LXE story a few months ago:
“LXE is the only small cap player with a large postage stamp of land that further extends the Lower Montney productive window in the Dawson-Doe region. This area is now proving out further to not just be the best economic part of the Montney, but one of the top 10% plays in North America. We believe LXE’s potential as a takeout target increases dramatically with this latest discovery and mapping.”
An upside breakout in LXE appears imminent and pullbacks to the rising 50-day simple moving average should find ample support.
DISCLAIMER: The work included in this article is based on SEDAR filings, current events, the author’s analysis of the LXE daily price chart, and corporate press releases. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.