In itself, the chart for Jericho Oil still looks good, as it has broken out of a trading range into an upleg that has resulted in good gains. The problem is that the entire sector just hit an important target yesterday, as set out in the latest Oil Market update
, with a high chance that it will turn lower, and if this happens most all stocks across the sector are likely to be dragged down, including Jericho, and there is scope for it to drop as it has just had a good run.
Since we bought Jericho at C$0.60 early in September
and never sold it, we are up over 50% on it, unless that is, you placed a stop at the level suggested in the November update
at C%0.718, which just got tripped before the latest run (in accordance with Murphy’s Law). In any event, if you are holding the stock, it is considered prudent to take profits here and await developments,
and we may buy it back later, depending on how things pan out.
Jericho Oil website
Jericho Oil Corp, JCO.V, JROOF on OTC, closed at C$0.92, $0.73 on 11th January 18.
Posted at 5.40 am EST on 12th January 18.