Laredo Petroleum ( LPI) is focused on acquiring, exploring and developing oil and natural gas properties, primarily in the Permian Basin of West Texas. Let's check out the charts. 
In this daily bar chart of LPI, below, we can see some big up and down oscillations the past 12 months.
Since early May, prices have surged strongly higher to make new highs. LPI is now trading above the rising 50-day moving average line and above the rising 200-day line. The On-Balance-Volume (OBV) line shows a decline to early February followed by an uneven rise into June. The Moving Average Convergence Divergence (MACD) oscillator is above the zero-line but it has recently narrowed toward a possible downside crossover and potential take-profits sell signal.
In this weekly Japanese candlestick chart of LPI, below, we went back further in history to show a large base pattern. Prices have broken out over $100. LPI is trading above the rising 40-week moving average line. The weekly OBV line is pointed up as is the Moving Average Convergence Divergence (MACD) oscillator.
In this daily Point and Figure chart of LPI, below, we used a five-box reversal filter and found a $380 price target.
In this weekly Point and Figure chart of LPI, below, we have a longer-term potential target of $380.
Bottom line strategy: LPI is correcting and could pull back to the $90 area. Assuming prices find buying interest (support) this could be a buying opportunity. Stay tuned.
