Today Joseph Parnes recommends a stock that has fallen 16% in the last month. Aggressive value investors may be able to book some short-to-intermediate-term gains as it recovers.
InterOil Corp. (IOC)
from Shortex Market Letter
52-week High: 106.44
52-week Low: 50.90
Market Cap: $3.39 billion
EPS: 0.29
P/E: 240.45
The Papua New Guinea oil and gas company [is] skidding on the failure of Exxon Mobile not closing the deal over Papua discoveries. Plunging through 50- and 200-day moving averages with heavy volume. Reversal could see primary resistance at 71-73 and secondary resistance at 75-77. Short-covering a boost. Volatile.
Buying Range: 67-72. Near-Term Objective: 88. Intermediate-Term Objective: 96. Stop Loss: 63.
Joseph Parnes, Shortex Market Letter, www.shortex.com, 800-877-6555, August 28, 2013