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C&J Energy Services Headed Straight To $23

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Definitely not a chart expert, but the below chart sure appears that with C&J Energy Services (CJES) breaks the current 200ema around $19.65 that the stock will quickly jump to $23. From there, it's anybodies guess where the stock goes as that has been major resistance for the last 8 months.

Typically resistance/support gets worn down by every additional attempt so one more run at that level might finally break the shorts. Time will tell.




The Eagle Ford Shale website is suggesting that up to 1,500 wells are awaiting completion which would be significant for an oil services company such as CJES focused on the Eagle Ford. Investors have been so consumed by the fears of slacking demand that the news keeps suggesting the situation isn't as bad as feared.


Disclosure: Long CJES. Please review the disclaimer page for more details. 



Comments

Mark Holder said…
Guess first it had to take a trip down to $18. Heading back up now.
June 18, 2012 at 12:25 PM
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