Nearest Resistance: $6
Nearest Support: $5.25
Catalyst: Board Shakeup
Meanwhile, independent oil and gas company Sandridge Energy (SD) is off by 4% today after a board shakeup that puts the firm's CEO position on the firing line. Sandridge has been under fire in 2013, under performing the broad market much to the chagrin of major investors like TPG-Axon Capital. Well, the activist hedge fund managed to take four board spots in a move that looks likely to get CEO Ward. Even if today's price action isn't the remedy investors had hoped for, they could soon be in for a reprieve.That's because shares of SD are forming a bullish inverse head and shoulders pattern in the short-term. The inverse head and shoulders indicates exhaustion among sellers, and the shake-up could be sufficient to at least get sellers to hit the brakes. I'd recommend being a buyer on a move through $6.
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