by Steve St. Angelo, SRSRocco Report:
Investors hoping and praying that Petroteq Energy’s stock is going to rebound miraculously are deluding themselves as the situation continues to disintegrate at the company HQ. Now, this is my opinion, and being an independent analyst, I am free to voice my opinion. However, if we look at the current price chart of Petroteq, it is currently trading at its SUPPORT LINE OF DEATH.
I call it the Support Line of Death because Petroteq’s stock has been trading down in a falling Triangle formation, which is currently at the $0.11 level. With Petroteq trading at $0.12, it doesn’t have much “BUFFER” remaining. The chart below points out the obvious:
Petroteq Energy closed at $0.12 today and is right at its critical support level. In my first article on Petroteq back in March 2018, the stock was trading at $1.50. And, in my most recent update on November 2019, the stock was trading at $0.17. Since then, the stock has lost another 30% of its value.
However, this won’t keep the wonderful management at Petroteq from dishing out the POSITIVE NEWS, if we can call it that. Here are some of the updates in Petroteq’s December 16th press release:
The two highlighted parts of the press release provide us with the most humor. The facility produced 200 barrels in six days. That is a whopping 33 barrels per day. Now get this… the company’s been saying it will be ramping up production to 750 barrels per day, or more, for several years. For whatever reason, Petroteq still hasn’t ramped up production even though it continues to issue stock and raise money as its share price heads to zero.
The other part of the press release worth a good laugh is the quality of oil they are producing at Petroteq. The API gravity is 15-17. This is an extremely heavy oil that would need blending with that crappy, very light-tight shale oil that we are producing 7.5 million barrels a day. Here are the classifications of the different oil grades:
As you can see, Petroteq’s 200 barrels of oil are classified somewhere between Heavy and Extra Heavy crude. Poor Petroteq is clinging on to life with its stock price trading at 12 cents a share as it churns out a measly 33 barrels per day of crappy oil.
There’s a lot of GARBAGE STOCKS out there, so buyer beware. If you don’t know much about stocks, I highly recommend you staying clear of stocks with five letters in their ticker, such as Petroteq (PQEFF) that trade on the Pink Sheets or OTC markets. These stocks do a great deal more damage to investors’ funds via the GET-RICH-SCHEMES being promoted by the two-bit PUMP-n-DUMP websites and newsletters. Very few investors make it big on penny stocks.