There was a nice reversal in the markets today. One particular stock that grabbed my attention is Banker's Petroleum. I've recommended it many times before and I believe this is another great opportunity to make some money. Back in February, BNK bounced off its 100 day moving average (DMA) and hit resistance on the 50 DMA. With the recent market weakness, BNK has broken down through the 100 DMA but has bounced nicely off the 200 DMA on May 21st. The 100 DMA proved to be a resistance level for the stock as the entire market began to sell off again. However, the stock has just come back to the 200 DMA line again on the daily chart. See below.
I believe today was a good day to get back into BNK. Make sure to put a stop loss beneath the 200 DMA (6.30$) as a breakdown below that will bring the stock into the 5$ range. The sell target is near the 100 DMA (~7.60). I'm banking on Banker's to go higher! Good luck!
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