Stock Trades: Bought Midway Energy (TSE:MEL)

Yesterday, I acquired 1000 shares of Midway Energy (TSE:MEL) at 3.16.

Stock Trade Commentary

Yes, I am back into Midway Energy after having sold my position just last week at 3.14. Selling a position does not mean dropping the company from radar. Price action pointed to a good entry point (in my opinion) and at least for that day I was right since it closed above 3.20.

It’s good to re-evaluate company fundamentals since after all this is what I base my decisions on. I am not a day trader so when I take a position in a company it has to be solid for a long term hold before being a perfect setup for a catalyst trade. MEL will be reporting its Q2 results tomorrow. They have recently drilled 4 Cardium oil wells in Alberta and we should be getting the latest production figures on them.

Delphi Energy (TSE:DEE) released their Q2 results with a net loss per share for the quarter. I was following DEE for an entry point but with no success. I guess DEE might be thrown in the penalty box which is excellent if you ask me because I believe it will be a good hold for the coming winter. However, I am not in a hurry to get back in.

Spartan Exploration (TSE:SPE) released outstanding operational results 2 days ago with the first 3 Cardium oil wells producing 1550 boed. With 4 more wells to be tied in shortly I am hoping to see the share price dip below 3$ in order to double my current 2000 shares position.

Related posts:

  1. Stock Trades: Bought More Midway Energy (TSE:MEL)
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  3. Stock Trades: Bought Midway Energy (TSE:MEL)
  4. Stock Trades: Back into Midway Energy (TSE:MEL), Bought Spartan Exploration (TSE:SPE)
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