Short Term Trading Weekend Lounge: 21-23 Oct, page-287

STTCOMP TAP, TA LONG

Tap Oil (TAP)
Market cap ~$39m / HQ in Perth
Oil & Gas assets in Gulf of Carpentaria, Myanmar, North Carnarvon (Western Australia)

Starting to see green shoots on a few different co's in the O&G sector of late.

TAP has been in a basing formation over the last 4 - 5 months.

I note that on Friday was the first time that a volume spike has also seen the price move up also towards the top of the range. This suggests that the supply at these levels are exhausting and the bulls are taking over.

The stock closed on its high on Friday.

The stock may attempt to take out highs of 10 that were made in May.  Traders quite often target these stocks as when the price arrives at 10 the price increments change to 0.5 per tick upside versus 0.1 per tick downside (enhanced risk v reward)