Stock Breakout: Jericho Oil
One of our long time favorite picks, Oklahoma oil junior Jericho Oil (TSX-V:JCO, OTC: JROOF), is in full on breakout mode today as it rips higher to fresh all-time highs on heavy volume:
Jericho recently dipped down to test major support and its rising 200-day moving average near C$.70. JCO has historically been a thin trading stock because the vast majority of shares are held by strong hands (insiders and the company’s big 3 investors: Breen Family Trust, Sam Belzberg, and Mike Graves) which makes today’s record volume (already over 600,000 shares at the time of writing) all the more impressive.
I will be looking for a close above C$.96 per share to confirm that a breakout is indeed underway – in that case I could see JCO reaching C$1.25+ per share over the coming weeks.
A couple of articles today which are likely contributing to the rise in Jericho shares:
Keith Schaefer: The Smallest Company in the Lowest Cost Oil Play in the USA
Streetwise Reports: Oklahoma STACK Oil Stock Reversal at Support
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