MicroStockProfit

Pinnacle Energy Corp. (OTCBB: PENC) went unchanged Monday on news that the company has signed a letter of intent to form a royalty land organization with Clayton Resource Partners that will facilitate its diversification into the coal and coal bed methane marketplace.

According to today’s news release, both parties expect the deal, which will most likely result in a restructuring of the current management hierarchy and enable Pinnacle to effectively target privately-held owners of proven coal reserves for acquisition, to close within the next month. Read the rest of this entry »

Pinnacle Energy Corp. is out with news today that bodes extremely well for the company’s future. The emerging independent oil & gas producer plans to make its foray into the coal marketplace in effort to diversify its energy portfolio.

PENC is reportedly pushing forward with efforts to execute an acquisition of a number of coal reserves and related assets located in Montana and Utah that management stated today hold the potential to significantly improve the company’s financial performance.

While preliminary details are limited, it is promising to see Pinnacle taking steps to facilitate growth. Although the coal market has slumped as of late, analysts are confident that a rebound is inevitable. 

Sure, the Obama administration pledges to invest heavily in renewable energy over the next decade in effort to reduce our carbon footprint and end our reliance on foreign oil. However, in the mean time, coal provides nearly 50% of the energy used in U.S. electricity generation. 

Until this figure begins waning considerably, opportunities for coal producers and potential coal producers such as Pinnacle should be robust.

PENC stock price has broken above the upper symmetrical triangle trend line and could be headed for new highs.

A break above $1.19 will take PENC back to $1.25 followed by $1.30 and a new 52 week high above $1.40.

I was pretty darn close. PENC.OB hit $1.19 on Thursday before settling down a hair to close at $1.18.

My hopes of $1.20 were dashed, but just barely. Either way PENC.OB made a nice bounce from its recent low of $.97 on Tuesday.

While I’d normally be a little more concerned that volume has been trending down despite share price rising, it’s looking pretty thin at current levels, which leads me to believe that there aren’t too many sellers in this range. Boy, could we use some news here.

The CEO hitting on a scratch ticket could be enough at this point, for crying out loud. OK, OK, I’m being facetious, but I still like the chances of PENC.OB going a bit higher today after making higher highs in each of the past 4 trading sessions.

With oil still struggling at best, I can’t look too far into the future here. However, if PENC.OB doesn’t retrace early and begins trading like it did just a few days ago, volume wise, I like our chances of closing the week in the $1.23 - $1.25 range for a pretty solid 30% or so gain from the recent low print of $.97. Even at today’s close, we’re still up more than 20% from there. Not bad gains for a week in which the sky has been falling.

I was pretty darn close. PENC.ob hit $1.19 on Thursday before settling down a hair to close at $1.18. My hopes of $1.20 were dashed, but just barely. Either way PENC.ob made a nice bounce from its recent low of $.97 on Tuesday.

While I’d normally be a little more concerned that volume has been trending down despite share price rising, it’s looking pretty thin at current levels, which leads me to believe that there aren’t too many sellers in this range. Boy, could we use some news here. Read the rest of this entry »