Oilsands Quest BQI May Continue Uptrending

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Oil looks bullish to me lately and BQI, an oilsands stock seems to be in the early stages of a run.  It has broken out of a very large symmetrical triangle pattern of almost 1 full year duration on high volume and wide price bar spread showing a sign of strength.

So we are dealing with a large amount of price cause here which should provide enough fuel for an extended run.

Right now BQI is trading above this triangle and is finding support on the top of the triangle boundary.  I am expecting it to base out the rest of this week maybe in the form of a minor double bottom near the 1.20 area.

I would prefer that it not break back under the top boundary of the triangle.  But we probably will not know the answer to that until the end of this week.

This is a somewhat slow moving stock and ‘cumbersome’ type stock if you look at the past price action.  But the large pattern and nice volume on the breakout gives it the benefit of the doubt.

So it is on watch for now until I see how it works out this small consolidation.

Posted in Commodity Stocks, Market Timing, Stock Setups, Technical Analysis
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