AAV Oil and Gas (TSX) Update 2

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Since my previous AAV post, price has increased as much as 20.94% but is currently up only 10.2%. Strength in the U.S. Dollar has caused commodity related equities to give back some gains. Some energy related names will temporarily shrug off broad market weakness and it appears that AAV could be one of those name. If price can remain above the previous swing low of $6.80, the first minimum upside target (derived from RSI) is $7.78. The Fibonacci targets in extension of $7.78 remain active targets if resistance is not met at $7.78

A move below $6.80 would result in additional selling pressure carrying the equity down to at least $6.46