PENC.ob Up Despite Tobogganing Oil Prices
Despite oil prices tobogganing towards $100 per barrel this morning and U.S. fuel demand being at a 5-yr. low, Pinnacle Energy Corporation (PENC.ob) is up nearly 10%, or $.08 in early trading. (5-day chart to right)3-day volume was up more than 45% at the end of last week and the stock has already traded 11,800 shares this morning. If PENC.ob can break the $1.10 level in early trading, we could see a move back into the $1.20 range, short term.
With the market reacting negatively to the U.S. government's proposed $700 billion rescue plan and most of my portfolio in the red thus far today, I'll be watching PENC.ob by the minute, despite the fact that oil industry is taking a digger this morning.
Labels: $700 billion rescue plan, Crude Oil, Oil Prices, PENC, PENC.ob, Pinnacle Energy, Pinnacle Energy Corp
posted by "Staff" at
7:33 AM
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