Oil and gas in Analysis of the Week!
Aksjeanalyser.com takes a closer look at an interesting oil and gas company!
Questerre Energy Corp.
(ticker on Oslo Stock Exchange: QEC and ticker on Toronto Stock Exchange: QEC)
The stock has triggered positive technical signals recently, and the overall technical picture for the stock now signals further upside in the short and medium term. Read more about this below under the technical analysis of Questerre Energy Corp (QEC).
About the company
Questerre Energy is a Canadian oil and gas company (ticker on the Oslo Stock Exchange: QEC and ticker on the Toronto Stock Exchange: QEC). The company extracts and produces several different types of oil, including light oil, shale oil and also shale gas. Questerre is involved in the entire process, from exploration to production and has its main operations in North America. The company was established in 2000 and is headquartered in Calgary, Canada. For more information about Questerre visit their website.
Technical Analysis of Questerre Energy Corp.
Questerre Energy Corp (QEC) has triggered several positive technical signals recently. The stock has been well received at a technical support level around NOK 1.80 (cf. daily chart) and has also broken above both 50-day and 200-day moving averages.
Furthermore, the stock is about to break above a technical resistance level around NOK 2.00, triggering further positive technical signals for the stock. Looking at the bigger picture, Questerre is moving within a long-term rising trend, which started back in 2020 (see weekly chart).
According to this long-term rising trend that the share is moving within, a potential for the share up to NOK 4.00 is indicated in the 3-6 month term, and should there be a break above the NOK 4.00 level, a further rise up to the NOK 8.00 level will be signaled for the share in the 12-18 month term.
Over the past year, the share has consolidated within a rectangle consolidation formation between a technical support level around NOK 1.80 and a technical resistance level around NOK 2.80. Based on the recent positive technical signals that have been triggered for the share, further upside is now signaled in the short term and then preferably for a new test of the resistance level around NOK 2.80.
The BEST – model is also in favour of Questerre!
The BEST model (see daily chart) in Vikingen is also in a buy signal for the Questerre share. This popular and effective technical analysis model was developed by Peter Östevik. He finalized the BEST model around 2019, and after 30 years of experience with technical analysis and Vikingen Financial Software.
Based on the overall positive technical picture for the Questerre share, Aksjeanalyser.com considers this share to be an exciting and interesting buy candidate at the NOK 2.00 level. What could potentially change the current positive technical picture for the stock would be if it were to break down below the 200-day and 50-day moving averages, and below the support level around NOK 1.80.
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