Triangle Petroleum Corp. TPLM
The first thing we want to do this morning is congratulate ourselves for our timely call of TPLM in yesterday’s extended watchlist, as well as any of our readers who were able to take advantage.
The timing was indeed impeccable; Wednesday’s bullish session brought the stock comparatively modest gains compared to what was on the table yesterday. TPLM traded up from an early morning low of .35 and reached .63, for a highly respectable intraday run of 80%
The move occurred on volume which exceeded the monthly average by more than seven times, and the stock managed to close just a shade under its high-of-day at .615, qualifying it for continued observation as a potential momentum play. We’ll look for higher highs and higher lows as have occurred over each of the past three days.
INTREorg Systems, Inc. IORG
We most recently were discussing IORG in our report dated May 25th, subsequent to which we would observe quite a significant uptrend. As you can plainly see on the included chart below, it has been stringing together solid performances for two weeks straight.
Our observed low on the stock was .32 on the 27th, and since then it’s been off to the races, and yesterday the stock managed an impressive new high of 1.09 before closing with strength just a tick below that. For us to remain heavily interested in this play moving forward we are going to need to see it maintain support at or above the channel of previous resistance we’ve highlighted on the chart from .80-.98.
Fresh Options Ideas
To close things out for the week, we’re going to provide a couple of options ideas with expirations set for next Friday, so this won’t carry the same warning we usually issue about trading weekly contracts at the end of the week. We are still quite intrigued with the possibilities for the following ranges of contracts in these two plays over the next several sessions:
H&R Block, Inc. HRB – 06/17 $21-23 Calls
Global Blood Therapeutics,Inc. GBT – 06/17 $20-30 Calls
CCAN, AGTK, IMLE, GNK, CJES, ONVO, OXGN