PWE - someone was buying

Penn West Energy (PWE) closed +0.5% @ $9.71, a moderate gain. The interesting aspect of today was the trading volume. A huge 6 million shares were traded, and this was the biggest up vol' day since Sept'2010. Near term price trend though, remains lower.


PWE, daily

Summary

The recent break of what seemed to be key support @ $10.00 was something of a surprise. Today was the fourth daily close under the $10 level, and its starting to be a real problem from a price/chart perspective.

*Arguably, if PWE can climb back over $10, a $10 stop-level would be a very reasonable strategy.
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PWE remains marginally profitable, but its the very large dividend - currently 11% of the stock price that is attracting some serious interest from those seeking a good yield.

see key stats @ yahoo! finance

We remain in an oil based economy, and so long as Oil prices don't fall below $90..or certainly $80...the industry as a whole should do okay across 2013.