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TAG OIL Update: Thursday, April 1

Just two days ago on March 30, I wrote:

“I have drawn a support [RED] line begun late last October. Tag Oil penetrated this support line briefly today before rebounding and closing higher at $2.24. I believe this support line now becomes a solid area for adding to, or initiating long positions in this oversold stock. The first level of resistance is at $3.00 to $3.10. [Upper RED line].”

Although my prediction proved correct, I did not expect Tag Oil to rebound so quickly from Tuesday’s level of support. Tag Oil did trade close to my first level of resistance at $3.00 when it traded at $2.98 early in today’s trading session before giving back some of the gains to close at $2.75, up $0.07 for the day. As you can seen by the chart, I have drawn an upper [RED] line of resistance in the $3.00 to $3.10 levels which proved itself today. I expect Tag Oil to trade in a relatively tight range next week between $2.50 and $3.00 and look forward to a more sustained run at breaking through the $3.00 level and trading up to test the all time high at $3.75.

Tag Oil

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