Lucas Energy (LEI) Pullback Continues on Profit Taking
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Lucas Energy, Inc. (AMEX: LEI) is seeing continued pullback today, following recent surges on increased crude oil prices. Shares are currently down 10.6% this morning.
Lucas surged from just over $2.00 at the start of March, topping out at $5.23 on March 7th, a 160% increase. Tensions in Libya and the Middle East increased crude prices to above $105 per barrel, the highest that they've been on over two-years.
However, $5.23 may have been the top for the smaller oil & gas exploration company, as shares are off 28% from the high. Volume is still gobs above what a trader might see on a typical trading day, as traders race to take profits.
Lucas surged from just over $2.00 at the start of March, topping out at $5.23 on March 7th, a 160% increase. Tensions in Libya and the Middle East increased crude prices to above $105 per barrel, the highest that they've been on over two-years.
However, $5.23 may have been the top for the smaller oil & gas exploration company, as shares are off 28% from the high. Volume is still gobs above what a trader might see on a typical trading day, as traders race to take profits.
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