Long Position on CRC @ $48.50 on 10/3/2018 (Momentum)

California Resources Corporation (CRC) operates as an oil and natural gas exploration and production company in the State of California.

The company sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers that have access to transportation and storage facilities. It holds interests in approximately 2.3 million net acres of mineral acreage.

As of December 31, 2017, the company had net proved reserves of 618 million barrels of oil equivalent. It also generates and sells electricity to the grid and utility customers. 

Shares have formed a bullish "flag" and are expected to move higher out of this formation. Strong oil prices are expected to continue for the next few months. Iran's 2.5 million barrels of oil are expected to be removed on November 4th from the market. The new sanctions by U.S. will prohbit purchase of Iran's oil by end users.

Entry Point: $48.50

Stop Loss: $46.00

Trading Range: $8.84 - $49.42

Target Price: $53.35

Updates

2/25/2019 12:12:38 PM

CRC closed at $21.70

Position closed on 2/25/2019 at price of $41.70 with a -14.02% loss in 145 days.

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