One Rich Price Surge
Goodrich Petroleum (GDP) is one of the top gainers on the NYSE today. Shares of the oil-and-gas company are up nearly 20% on what will be their heaviest upside volume in years. This powerful breakout move began with a huge gap-higher open, sparked by positive news concerning the company's Tuscaloosa Marine Shale well. Investors have continued to bid aggressively for shares, pushing the price past its 200-day moving average for the first time since last March.Goodrich Petroleum (GDP) -- Daily Source: TradeStation View Chart » View in New Window »
Goodrich began to perk up two weeks ago after a very prescient upgrade from BMO Capital. The stock opened Jan. 22 with a gap-higher open, leaving behind a healthy basing pattern in the process. It was unable to make much headway over the following two weeks, but it did hold on to the upgrade-inspired gains. Support at the breakout gap near $9.65 held in well while the stock's 50-day moving average began to swing to the upside. Heading into today's news event, the stock was poised for a new leg higher....156 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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