Back on June 10 I recommended purchase of shares of Continental Resources (CLR) : "CLR may trade sideways for a few weeks but I would look to be a buyer towards $65 if available in the weeks ahead. Risk to $59 looking for gains to the $109 area longer-term."
In the chart below of CLR we can see that traders had a number of opportunities to buy the stock at $65 or better.
Now with news of an agreement to take the company private at $74.28 per share, through Omega Acquisition, Inc., which is owned by Continental's founder, Harold G. Hamm, Real Money subscribers who bought CLR should take profits.
Bottom-line strategy: Let's take profits and look for another energy name to roll our profits into.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
A few months of anxiety likely lies ahead of us, and caution remains the watchword of the day.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.
Email
Email sent
Thank you, your email to has been sent successfully.
