Why Is Camber Energy Continuing To Fly Higher?

Camber Energy Inc (NYSE:CEI) shares were trading higher Friday, likely moving in continuation after the company signed a licensing deal to give its subsidiary, Viking Energy Group, exclusive rights to use ESG’s CO2-free power generation technology in Canada.

Camber Energy was up 16.92% at $1.52 at last check Friday at market close.

Camber Energy Daily Chart Analysis

Shares were falling for a few months but recently broke out of pattern resistance, flying higher in what technical traders call a falling wedge pattern.
The stock was getting condensed between narrowing highs and lows before it was able to cross above pattern resistance breaking out.
The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bullish.
The stock may find support near either of these moving averages in the future.
The Relative Strength Index (RSI) has been flying higher the past couple weeks and now sits at 90. This shows that many buyers have been pushing into the stock and there is much more buying pressure than selling pressure in the stock.

What’s Next For Camber Energy?

Bullish traders would like to continue to see the stock breakout and push higher. Bulls are then looking to see some consolidation before the stock may see its next leg up.

Bears are looking to see the stock drop back down to where it traded within the wedge pattern. Bears would then like to see the stock fall below the pattern support. If the stock is able to fall below the pattern support it could be ready to see another bearish push.

Photo by Zbynek Burival on Unsplash

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