$LPI broke out of a three weeks consolidated price action pattern triggering a +30.35% rally in just a mere 4 days session. The current closing of $89.75 is at its 2 years high. $LPI hit the headlines during the mid month as it attempts to transit to becoming more oil producing heavy, via acquisition of Sabalo Energy’s assets for $715 million while divesting a 37.5% working interest in its PDP legacy assets for $405 million.
At the current junction, $LPI implied volatility suggest further range of +/- 5% price action will be expected of LPI the coming few session. The next resistance level to watch for $LPI is at $100 mark.
$LPI an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. It engages in the sale of oil, natural gas liquids, and natural gas.