Long Position on RSPP @ $40.95 on 4/11/2017 (Momentum)

RSP Permian, Inc. (RSPP) is an independent oil and natural gas company.

The Company is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas.

The Company's properties are located on contiguous acreage blocks in the Midland Basin, and the Delaware Basin, both sub-basins of the Permian Basin. The Midland Basin properties are primarily in the adjacent counties of Midland, Martin, Andrews, Ector, Glasscock and Dawson. The Delaware Basin properties are in Loving and Winkler counties.

The Company has drilled Lower Spraberry horizontal well and a Middle Spraberry horizontal well in the Permian Basin. In addition, it has also drilled a Wolfcamp B horizontal well in the North Midland Basin.

Shares have formed a bullish "cup and handle" and higher share prices are expected. Note that the formation is supported by the stock's 200-day moving average. 

52-Weeks Trading Range: $28.70 - $46.92

Entry Point: $40.95

Stop Loss: $38.90

Trading Range: $45.05

Updates

4/20/2017 12:24:25 PM

RSPP closed at $37.11.

Position closed on 4/20/2017 at price of $37.11 with a -9.38% loss in 9 days.

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