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Shares of Ring Energy Inc Has Fallen Below Previous 52-Week Low

By Nick Russo

Ring Energy Inc (AMEX:REI) traded today at a new 52-week low of $2.98. This new low was reached on above average trading volume as 1.1 million shares traded hands, while the average 30-day volume is approximately 838,000 shares.

Ring Energy Inc is an independent oil and gas exploration company with headquarters in Midland, Texas. The Company's business strategy is focused on the exploration, development, and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States.

In the past 52 weeks, Ring Energy Inc share prices have been bracketed by a current low of $2.98 and a high of $13.51 and are now at $2.98. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.7% while the 200-day MA has slid 1.8%.

Potential upside of 568.1% exists for Ring Energy Inc, based on a current level of $2.98 and analysts' average consensus price target of $19.91. Ring Energy Inc shares should first meet resistance at the 50-day moving average (MA) of $3.70 and find additional resistance at the 200-day MA of $5.70.

SmarTrend recommended that its subscribers protect gains by selling shares of Ring Energy Inc on April 16th, 2019 by issuing a Downtrend alert when the shares were trading at $5.30. Since that call, shares of Ring Energy Inc have fallen 42.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows amex:rei ring energy inc

Ticker(s): REI