Houston American Energy ($HUSA) ready to rally?

Houston American Energy Corporation stock enjoyed the impulsive rally the rest of the sector had in early 2022. After the pullback, can the rally continue? Lets take a look at their company profile:

“Houston American Energy Corp is an oil and gas exploration and production company. Our oil and gas exploration and production activities are focused on properties in the U.S. onshore Gulf Coast Region. Principally Texas and Louisiana, and on the development of concessions in the South American country of Colombia. We seek to utilize the contacts, experience, financial acumen and expertise in oil and gas geology, engineering and production provided by our management and Board of Directors to seek out and evaluate favorable drilling opportunities.

We generally seek to form partnerships and joint ventures to spread the cost and risks to us of drilling while maximizing our potential returns. The company’s fiscal discipline and debt-free capital structure offers investors a great deal of leverage and upside potential as revenue from new projects is realized.”

This is a highly speculative energy producer, lets take a look at the charts!

Houston American Energy Elliott Wave daily view

Longer term view from the low set in September 2020 @ 0.84. After that, there was a large impulse into the peak at Red I at a peak of 6.36. Consequently, a very long and drawn out correction has taken place. After that, this correction ended on Feb 3 2022 @ a low of 1.09 in Red II. After that another very impulsive reaction took place to the upside again, which is favouring to have formed a nest in ((1)). Lets zoom into the 4H view.

Houston American Energy Elliott Wave 4H view

Medium term term view from the low set Feb 2022 @ $1.09. After that, a large impulse has taken place in ((1)) which peaked on March 8/2022 at a high of 17.30. Consequently, a pullback has taken place to correct the cycle from the Feb 2022 low. It has unfolded as a double 3 correction. ((2)) is currently set on April 11 2022 low @ 3.19. In conclusion, this low needs to hold in order for this view to remain intact, or more grinding lower may take place before ((2)) is set.

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.