NEW YORK (TheStreet) -- Good day, traders!
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1. First, lets look at Advantage Oil & Gas, which acquires, exploits, develops and produces oil and gas in the provinces of Alberta and Saskatchewan, Canada.
Advantage traded up 5.4% on Friday, closing at $5.65.
- Friday's range: $5.43 - $5.74
- 52-week range: $3.47 - $7.23
- Friday's volume: 900,660
- Three-month average volume: 397,283
Advantage looks good as there has been a bottom forming for the last couple weeks at the $5.30 level. On Friday, shares traded over a near-term resistance level with almost triple the average volume. Advantage is down 21% from it's 52-week high, which was reached back in June. Now, it appears that the bulls are back in charge and will drive shares back to the top. Friday's trading caused the two-day exponential moving average to cross over the t-line, and the t-line over the 20-day simple moving average. This is a clear bullish move.
I'd look for an entry within Friday's trading range, between $5.43 - $5.74. I'd set my stop at the bottom that was established over the last few weeks, at $5.30. A break below that level would confirm the continued downturn. I would target the 52-week high of $7.23 ultimately. That said, there is overhead resistance at $6.31 and $6.66, so watch for a sell signal at those levels.
Stay long until you see a confirmed sell signal or a close below the t-line.