Trade Setup
Ring Energy, Inc., an exploration and production company, engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and New Mexico. As of December 31, 2020, the company’s proved reserves consisted of approximately 76.5 million barrel of oil equivalent. It also had interests in 18,712 net developed acres and 6,650 net undeveloped acres in Andrews and Gaines counties, Texas; 18,256 net developed acres and 212 net undeveloped acres in Culberson and Reeves counties, Texas; and 8,085 net developed acres and 24,830 net undeveloped acres in Yoakum, Runnels, and Coke Counties, Texas and Lea County, New Mexico. Ring Energy, Inc. primarily sells its oil and natural gas production to end users, marketers, and other purchasers.
Stocks found in this category are low priced stocks priced between .50 and $5, with at least 50k shares of average shares trading per day. The stocks are pausing a trend either up or down, with a new bar over the prior day open or close. These are high reward to risk stocks with the potential for very sharp moves. A stop should be maintained at the low of the prior day. Target prices for exits can be determined by using the next level of resistance higher or by using Fibonacci resistance levels found using TradersPro.
