Long term trends: Evolution Petroleum Corp is showing a upward trend. In the past few months this scrip has moved 80%. The good news in the crude prices has kept the momentum going for this scrip. Currently it is priced at $9.20. The blue area shows the price movement of EPM and as seen this movement compares positively with IXE Index. This is confirmed by good volumes over the past few months. Moreover, the Relative strength benchmarked with IXE shows a sharp upward trajectory. The MACD confirms some more steam is left in this rally.

Short term: In the short term analysis, EPM is showing overbought signals. This is also confirmed by the candle stick patterns that is showing some consolidation near the $9 levels. I would expect a marginal correction to around 8.50 levels before further strength.

Overall this is a good for a short term trade in the 1-3 month horizon.
Comment: EPM is showing strength vis-a-vis the SPX and has crossed the 10 mark today. Stock is hitting the upper channel and would expect a drop in the new year. For such stocks it is good to keep tab on the news as the volumes are not very high so any bad news could mean big hit for investors.


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