Battalion Oil Corporation (AMEX: BATL ) shares are retreating on Tuesday. The move follows a decline in global crude oil prices. Geopolitical tensions appear to be cooling after Monday's rally.
Geopolitical Thaw Pressures Energy
If “red lines” are met, this can be “a very, very good deal for both countries,” Vance said. He added that the next move rests with Iran.
Oil Prices Slide In Premarket
Crude oil futures fell 2.37% early Tuesday, hovering around $96.73 per barrel. This decline impacts sector players like Chevron Corp (NYSE: CVX ), which fell 0.53% despite increasing production in Venezuela.
Short Sellers Pile Into BATL
Bearish sentiment is growing for Battalion Oil. Short interest surged from 1.24 million to 2.79 million shares during the last reporting period. Currently, 47.81% of the energy company’s float is held short .
Technical Analysis
Battalion Oil is sitting much closer to its 52-week low of $1 than its 52-week high of $29.70.
The stock is trading 52.5% below its 20-day simple moving average (SMA) and 29.8% below its 100-day SMA, a combo that leans bearish for near-term trend control despite being 12.2% above its 200-day SMA.
Over the past 12 months, the stock is up 171%.
Key Resistance: $3.50 Key Support: $1.00BATL Stock Price Activity: Battalion Oil shares were down 8.13% at $3.39 during premarket trading on Tuesday, according to Benzinga Pro data .
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