Strategic American Oil Corporation is a natural resource exploration and production company engaged in the exploration, acquisition and development of oil and gas properties in the United States. The Company maintains an aggregate of approximately 395 gross (217 net) developed acres and approximately 6,120 gross (4,456 net) undeveloped acres, pursuant to leases or acquisitions. Of that acreage, it maintains approximately 176 gross (132 net) developed acres in Louisiana, 219 gross (85 net) developed acres in Texas, 4,614 gross (3,123 net) undeveloped acres in Illinois, 160 gross (150 net) undeveloped acres in Louisiana, and 1,346 gross (1,183 net) undeveloped acres in Texas. The interest holding properties of the Company include The Welder Lease (Barge Canal), Texas; South Delhi/Big Creek Field, Louisiana; The Holt Lease, and Illinois. On February 15, 2011, the Company purchased Galveston Bay Energy, LLC. In September 2011, the Company acquired SPE Navigation I, LLC.
This is a monthly chart with some resistance and support annotations. This has been a volume based breakout during march according to the chart. We may get a continuation candle or it could consolidate according to this chart.
This is a weekly chart with the same support and resistance areas. This chart is a bit more revealing in terms of volume when the breakout was initializing. I think breakouts of this context have better risk to reward than meets the eye. From my experience this type of breakout liquidity promotes the stabilization of risk. The RSI also shows a long term channel that it was trading within, and when it tested the bottom RSI support trend, the "MM's" associated the test with a spew of volume.
Edited by apples4oranges - 3/31/12 at 1:10pm
