Bears dominated PetroBakken Energy Ltd. (TSE:PBN) (PINK:PBKEF) stock action for the third consecutive session bringing the end to the recent uptrend and ignoring the positive third quarter results.
PBN stock price slipped another 2.8% lower on Wednesday following a recent resistance bounce near $10 per share.
The situation is even more troublesome for bulls considering the fact that PetroBakken announced rather positive third quarter results last Tuesday but the share price still didn’t manage to break through.
The company latter issued another press release which confirmed November dividend payments but that didn’t work either and bears seem to be taking over rather quickly.
PBN price losses extended for the third day in a row and already broke the preceding short term uptrend. Moreover the news coincided with the time when share price was struggling to overcome resistance at $10 per share thus the failure to do so indicates that the stock is overbought. The most recent support level to be found if stock continues to drop is at $9.30 per share.
On November 15 the company stated that shareholders of record will receive 8 cents per share dividend for the month which will be paid on December 15.
PetroBakken announced their third quarter results on November 8 showing 1.5 times increased net revenues at $283.9 million and nearly 4-fold rise in net income which was $40.3 million.
