The last time I traded IOC I picked it up personally around $15 a share…
I would watch it explode to $90 a share years later, buying the dips, selling the rips.
Now that oil has been torn apart, and likely to fall further, oil company shares aren’t exactly the safest bets on Wall Street.
But it’s not the oil story I like here…
It’s the corporate interest, as well as the massively oversold activity in the stock. At the moment, IOC is over-extended in oversold territory on MACD, and RSI. Money Flow has been rebounding at a considerable rate.
Better yet, Goldman Sachs just added the stock to its Conviction Buy list with a PT of $45 a share. Analyst Mark Wiseman thinks recent M&A highlights unrecognized value in PNG. He also pointed out strong flow test results and share price weakness, notes Street Insider.
Again, the oil story isn’t hot. Oil is likely to fall apart further. But the technical picture for IOC is tough to ignore.