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Watch for Continued Losses in Shares of Laredo Petroleum (LPI)

By James Quinn

Shares of Laredo Petroleum (NYSE:LPI) traded today at $6.51, breaking its 52-week low. This new low was reached on below average trading volume as 2 million shares traded hands, while the average 30-day volume is approximately 6.4 million shares.

Laredo Petroleum, Inc. is an independent oil and gas company. The Company focuses 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, Laredo Petroleum share prices have been bracketed by a current low of $6.51 and a high of $13.01 and are now at $6.53. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.7%.

There is potential upside of 76.1% for shares of Laredo Petroleum based on a current price of $6.53 and an average consensus analyst price target of $11.49. The stock should find initial resistance at its 50-day moving average (MA) of $8.17 and further resistance at its 200-day MA of $9.11.

SmarTrend recommended that its subscribers protect gains by selling shares of Laredo Petroleum on August 14th, 2018 by issuing a Downtrend alert when the shares were trading at $8.02. Since that call, shares of Laredo Petroleum have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows laredo petroleum

Ticker(s): LPI