ERPLQ Energy Partners Limited may Breakout Soon

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The market is taking a slight beating today but EPLRQ, a somewhat spotty and thin trade penny stock has a pretty decent pattern and may get a run going if it manages to consistently trade above .45.

It pattern looks somewhat like a head and shoulders bottom formation with the right shoulder being much longer than the left shoulder.  Price has drifted sideways for about 2 months and it seems like it wants to get a move going above .45  The volume mid day is decent but it is not crazy, so it might not be quite ready yet.

ERPLQ will probably need the rest of the week to see if it has legs for a breakout type move here.  The entire pattern goes back to 2/2009, so we are dealing with a good amount of cause here.

I would really like to see a close at the highs today as an indication more good things are to come the rest of this week.  That may be quite a feat in light of the overall markets weakness today, so we will just have to wait and see what the end of day holds for this one.

Posted in Market Timing, Stock Picks, Stock Setups, Technical Analysis
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