Dejour Energy, Inc. DEJ
We’re taking a look at DEJ this morning, an oil & gas play that is coming off of a recent bottom. Indicators on the chart seem to be ripening, so we wanted to put DEJ on everyone’s radar. As you can see, the RSI is coming off of being oversold, while the MACD is in the process of a bullish cross, with the blue bars on the histogram also flipping up to the bullish side.
Yesterday the company announced its entry into a letter of intent on a deal that will partner it with a privately-held energy company out of Singapore, and bring in a substantial amount of capital in the process:
VANCOUVER, British Columbia–(BUSINESS WIRE)-Dejour Energy Inc. (TSX:DEJ) (NYSE MKT:DEJ), an independent oil and natural gas exploration and production company operating in North America’s Piceance Basin and Peace River Arch regions, today announces that it has signed a Letter of Intent to create a strategic joint venture partnership with a private Singapore based energy company (‘SECO’) to develop the company’s Colorado oil and gas assets.
Upon completion of due diligence, legal documentation and requisite approvals expected prior to January 31, 2014, SECO will invest an initial sum of up to $27.5mm in 2014 and 2015 to earn an 85% share in Dejour’s interests in its Colorado properties >> FULL PR
Growlife, Inc. PHOT
Many of you know, we’ve been pounding the table on PHOT and the marijuana industry as a whole for well over a year now. Beginning back in August, we started to ramp up our coverage of this stock. At the time PHOT was trading as low as .0299, and has continued to push the envelope ever since, bringing us up to the present where PHOT is now officially in Blue Sky Breakout mode.
The stock has reached lofty highs culminating in yesterday’s run up to .14, which represents an astonishing 368% increase off of the low we just mentioned, in just a few months’ time.
As is the case with any runner that’s streaking into the Blue Sky, we want to be cautious of a potential reversal. In the event of pullback, we’d like to see support hold at the previous resistance level of .1045.
Important Industry Side Note: Not only have there been recent talks within the NY State legislature about plans for a bill that would legalize the drug in New York as it has been in Washington and Colorado, but Uruguay also recently became the first country in the world to effect nationwide legalization and regulation of growth, sales, and trade. The idea that marijuana prohibition is both ineffective and harmful on many levels is finally beginning to gain real headway in the mainstream.
FTR, KFN, BIOD, ATHX, VRNG, CREG