Long Position on REI @ $15.65 on 5/15/2018 (Momentum)

Ring Energy, Inc. (REI) is an exploration and production company.

The firm acquires, explores for, develops, and produces oil and natural gas in Texas, the United States.

As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.

It primarily sells its oil and natural gas production to end users, marketers, and other purchasers.  

Shares have formed a bullish "cup and handle" and are expected to head higher out of this formation.Note the 50-day moving average.

Entry Point: $15.65

Stop Loss: $14.75

52-Weeks Trading Range; $10.88 - $17.35

Target Price: $17.22

Updates

5/25/2018 11:03:44 AM

REI closed at $14.25.

Position closed on 5/25/2018 at price of $14.25 with a -8.95% loss in 10 days.

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