Good Morning, Trader!
North American Oil & Gas Corp. (NAMG) soared all the way to $1.60 a few weeks ago, so if you remember that ride, it’s time to get excited!
NAMG has recharged its technical batteries and now I see a firm platform for another big move right here at around $0.90 a share.
Can everyday traders ride the entire cycle to glory this time? Right now only the NAMG chart knows for sure:
The last three days show NAMG setting up what looks like a base along the 200-day line -- about as good a long-term trend indicator as you get.
So if that line holds as it has in the past, NAMG may be ready to start its next major “evolution” any minute now!
Say $0.90 is the recent floor and the 50-day average way up at $1.16 is looking a lot like a near-term upside frontier.
Even if NAMG stays in that range today, would it be rich enough to get your motor running? And what if we get a BREAKAWAY move?
And if you’ve forgotten what NAMG does, here’s a refresher course on this honest-to-God California oil company!
NAMG was working a net 2,600 acres of prime oil sands and liked the geological potential so much they just boosted their holdings by 13%.
So with nearly 3,000 acres in that play, they’re hoping to capture anywhere from 20 million to 65 million barrels of oil. (Read more)
Multiply those numbers by $100 on every barrel, and you can see why the NAMG chart has been so “ebullient” lately.
But why is NAMG so confident? Turns out this land is sandwiched between two billion-dollar fields in California’s San Joaquin: gusher central! (Read more)
As the man says, San Joaquin is right behind the Gulf Coast and Alaska when it comes to ranking the hottest the hottest U.S. oil patches.
This is the land you watched Daniel Day Lewis conquer in “There Will Be Blood” -- even today, it accounts for 70% of California’s energy wealth.
Recent seismic reports on NAMG’s slice of that wealth encouraged management to “upgrade the prospectivity,” so there’s definitely oil here.
It’s only a question of (a) how much is there, (b) when NAMG will find out and (c) when they’ll tell the market!
Don’t let other traders drink the next milkshake! Review the NAMG chart right now and get ready for fun!
See you soon!
