For the first time in two years, Birchcliff Energy (TSE: BIR) shares have grown record high to $7.43 CAD. In March 2020 BIR fell dramatically to $0.78 CAD although it had neither loss nor regression. We may say thanks to growing oil prices but Birchcliff’s EPS stay steadily on positive territory. There are several factors that keep the stock in a bullish trend.
In January BIR has tried to pop over $7.00 CAD but suddenly it dropped to $5.69 CAD when a majority of 3.64 million shares were sold. The tirelessly trading cheap stock lovers could push the demand for BIR that managed to hit $6.88 CAD at the beginning of February.
The bold Birchcliff Energy stock had been riding over $6.00 CAD throughout the whole of February. Then it jumped again on March 10 to $7.07 CAD when most of 1.85 million shares were bought within a day. Today BIR shares are holding the ride over $7.00.
Most of us may think BIR and crude oil have correlations. Let’s see it is true or not? Even if compare year to date period, BIR has made two bumps while crude oil has been growing slowly until one bump which happened on March 8. On that day few oil buying countries have refused to buy Russian oil and started to search for other alternatives.