Imperial Petroleum is in a sector that recently has been on a tear. There are a few small companies that are making big moves with the swing in Crude Oil. But are they meant to last? Today I’ll take a look at Imperial Petroleum and see where the elliott waves take us.
Imperial Petroleum is an international shipping transportation company specialized in the transportation of various petroleum and petrochemical products in liquefied form. They recently completed a purchase for two tankers to add to their fleet. The small cap size of this company is ripe for big moves, lets take a look at what the future may have in store for this company.
Imperial Petroleum Elliottwave View:
Medium term term view from the low set in December 2021. This stock experienced a surge on the IPO, which is favoured peaked in Red I. After that, it experienced a pullback that lasted around 2 months, and tested the recent lows. From there, the stock formed a low at the 0.48 level in Red II. From there, it has rallied very impulsively to a peak of 9.75 on March the 8th 2022. This rally came with very high momentum. Not only that, the speed in which prices increased was very swift.
At this time. as long as the recent low at 0.48 remains intact, it is favoured that this stock can be nesting before again moving higher. It is a very volatile stock, and extreme risk management practice needs to be utilized. It is favoured that at present time, it can be in the later stages of possibly completing the ((2)) pullback.
Source: https://elliottwave-forecast.com/stock-market/imperial-petroleum-impp-can-continue-lower/