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Lone Pine Resources(LPR) is an independent oil and gas exploration, development, and production company with operations in Canada within the provinces of Alberta, British Columbia, Quebec and the Northwest Territories. This stock is trading up 18% at $1.75 in recent trading.
Today's Range: $1.47-$1.84
52-Week Range: $1.09-$8.21
Volume: 1.7 million
Three-Month Average Volume: 861,136
From a technical perspective, LPR is exploding higher here right off some near-term support at $1.50 with heavy volume. This move has pushed LPR above some near-term overhead resistance at $1.54, and it's now flirting with its 50-day moving average of $1.76.
Traders should now look for long-biased trades in LPR as long as it's trending above its 50-day with strong upside volume flows. I would consider any upside volume day that registers near or above 861,136 shares as bullish. If LPR can maintain its trend above $1.76, then this stock has an excellent chance of re-testing or possibly taking out its next major overhead resistance levels at $2 to $2.40.