Gediminas Jasionis

The Stock Price Voyage Ending For Voyager Petroleum, Inc. (OTCBB: VYGO)?

by Gediminas Jasionis October 1, 2009
backernew.jpgVoyager Petroleum, Inc. (OTCBB: VYGO) is an exploration stage company with no reliable corporate information currently available. The company's business of refining used oil sounds like a pretty good concept, however they don't seem to be successfully turning that into a cash machine.

Nevertheless the lack of information is not a problem for their stock is rallying inspite of it. Some press releases with updates on operations were enough to trigger the price rally which has been in play for over a month now.

The situation has become intense here as there are mixed signals. Wednesday's trading revealed the bulls are still in the game as the price rallied on better than average volume. Yet the strong resistance level at $0.019 hasn't been broken for long. It just seems the company's stock simply cannot be valued at more than it is now.

On top of the price being unable to push further up, the MACD is showing the overall decrease in bulls' power as its histogram is converging with the price movement. This indicates the upcoming MACD crossover below the signal line, which would be yet another sign of inevitable price movement reversal.

On the other hand, the overall price pattern is forming something similar to the ascending triangle. If a there were to be a breakout above the $0.19 level, it is likely the price could advance another $0.013 cents or so.

VYGO_chart.png

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