Is 88 Energy (EEENF) Setting Up For a Dead Car Bounce?

It was a pretty tough week for the oil and natural gas firm 88 Energy Ltd (OTC: EEENF) last week as its stock tanked following a setback. However, it seems that the stock might on the path to recovery.

Is 88 Energy (EEENF) Setting Up For a Dead Car Bounce?

On Friday, the 88 Energy stock managed to record gains of 10% and in this situation, it might be worthwhile for investors to consider having a look at last week’s events. Dave Wall, who is the managing director of the company, announced that an equipment failure had led to a power outage at two of 88 Energy’s high prospect zones.

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Once the news emerged, there was widespread panic among investors, and the 88 Energy stock tanked considerably. In this regard, it is also necessary to note that the company would need to continue drilling at those sites in order to confirm discoveries. The rally in the stock might be an indication that those events might have been a temporary setback.

Alex Krakowsky

Editor in Chief. Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life