Southern Pacific (TSX : STP)

southern pacific

Southern Pacific produces 2500 barrels/day of heavy oil from its project in Alberta. Plans for growth of this output through 2013 and 2014 have been delineated on the Company website. The embedded image in this post is a weekly chart. From a low in October 2011 I have traced out a large 2-2-2 pattern. As of right now, this pattern is still valid. BUT…price HAS TO HOLD current levels. If you are buying at current levels, please bear this in mind. If price slips to below $0.80, the pattern will fail and the stock will wander around like a lost puppy dog until a new pattern forms.

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