Shoal Point Energy (SHP/SHPNF) has seen profit taking for the last week since their .08 private placement lockup expired, as we anticipated. However, those sellers are likely close to done, at least in the mid teens. We'll see another tranche of sellers in the .20-.25 area but I don't expect it to be enough to stall a new leg higher, into the .30's/.40's early in 2020.
Well spudding should be be completed by the end of next week or so. Well completion will be done right after the new year, which could easily spark a strong run in SHP shares. My guess is that we back/fill between .15-.20 for about the next week, maybe two, before the pendulum starts to swing back up. This consolidation has been very healthy for the sustainability of SHP's long term move to continue well into 2020.
This stock looks great and I'm hopeful that we all profit mightily in 2020!
from the Black Gold Letter
