This is the chart of a stock that I used to own, Goodrich Petroleum (ticker – GDP). Alas, as I am wont to do, I sold the damn thing too early.
However, the chart is a fascinating example of the “irrational exuberance” currently dominating the oil market. In fact, I’m truly surprised that Wikipedia doesn’t use this chart as a pictorial example of a parabola because I haven’t seen a better, real-life example.
Today’s candlestick also has the makings of a pretty heroic reversal.