nice chart, somethin to watch @ least
hmm still looking strong...
http://stockcharts.com/def/servlet/SC.web?c=omni,uu[g,a]dfclyiay[dd][pb50!b200][vc60][iLa12,26,9]&pref=G
Just jump in @ 2.46
A move up...busted through the 200day ma.
moving nice
Quote from: eliteG on July 07, 2005, 10:26:23 AM
moving nice
EliteG,You noticed this too! ;)
FAIRLAWN, Ohio, July 6, 2005 /PRNewswire-FirstCall via COMTEX/ -- OMNOVA Solutions (OMN, Trade) today announced the recipients of its 2004 Technology Awards. This annual award program recognizes exemplary technology-based contributions by associates in OMNOVA's research and development, sales and marketing, technical service, operations, product management, and LEAN SixSigma organizations.
Technology innovations support activities in a number of OMNOVA's end use markets, including carpet, paper, nonwovens, commercial roofing, furniture and automotive upholstery.
Recipients hail from across OMNOVA Solutions, including its Building Products business segment facilities in Maumee, Ohio and Muscle Shoals, Alabama; Performance Chemicals business segment facilities in Akron, Ohio, Mogadore, Ohio, Green Bay, Wisconsin and Dalton, Georgia; and Decorative Products business segment facilities in Fairlawn, Ohio, Columbus, Mississippi and Auburn, Pennsylvania, as well as the Company's joint venture facility in Rayong, Thailand.
"Innovative new products and exceptional service are cornerstones of our growth strategy, providing OMNOVA with a strong and sustainable competitive advantage," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer. "This group of Technology Award recipients demonstrates how OMNOVA teams in the lab, the plant and the field are working together to provide technology leadership to our served markets, adding value to both our customers and OMNOVA."
Categories, titles of technical innovations and recipients are as follows:
Category: Marketing-Technology Innovation
TITLE: Technical Service Competitive Advantage - Carpet Latex
MARKET: Carpet Chemicals
WHO: Mike Stephenson - Dalton, Georgia
Mills Lemons - Dalton, Georgia
WHAT: Excellent technical service is a major differentiator for
OMNOVA's chemicals business. This team proved it before the
sale and won a significant new carpet latex customer for the
Company. The team demonstrated how the soon-to-be customer
could optimize its processes to better utilize OMNOVA carpet-
backing products and to improve productivity. OMNOVA created a
device which generates a temperature and humidity profile for
carpet drying ovens. It allowed the customer to maintain
consistent drying conditions, thereby increasing line speed.
This is an excellent example of how the technical service team
can be an integral part of the sales and marketing effort.
Category: Competitive Advantage Through Intellectual Property
TITLE: Diaper Acquisition Layer Latex
MARKET: Nonwovens Chemicals
WHO: David Diehl - Akron, Ohio Technology Center
Carla McBain, Ph. D. - Akron, Ohio Technology Center
WHAT: When a major customer and disposable diaper manufacturer wanted
enhanced acquisition sub-layer technology for a global product
line, this team responded to the call. The acquisition sub-
layer of a diaper is between the skin-contact layer and the
absorbent materials. The acquisition layer is designed to wick
liquid away from the skin to the absorbent where it is retained.
OMNOVA's Performance Chemicals business supplies the customer
with a latex product that acts as a binder for the fibers in the
nonwoven sub-layer. This binding contributes better resiliency
to the nonwoven and provides proper surface tension to the sheet
to wick away the liquid. At the request of the customer, this
team developed a product that helped to enhance liquid
retention, maintain softness and improve recovery from extended
storage and extreme heat. The team created two versions of the
latex, one for foaming applications and another for when foaming
is undesirable. This third generation latex product has helped
to maintain OMNOVA's position as the sole supplier of latex for
this application.
Category: Core Competence Building
TITLE: GenCryl(R) Platinum Pt(TM) Series High Performance Paper Latex
MARKET: Paper Chemicals
WHO: Tom Smyth - Mogadore, Ohio
Fred Burgett - Mogadore, Ohio
Pam Arndorfer - Green Bay, Wisconsin
Bill Verhasselt - Green Bay, Wisconsin
Jacki Laurich, Ph.D. - Mogadore, Ohio (RohmNova joint venture)
John Westerman, Ph.D. - Akron, Ohio Technology Center
WHAT: This team developed and commercialized OMNOVA's new GenCryl(R)
Platinum Pt(TM) series high performance latexes for paper
coatings. Controlled conversion polymerization played a key
role in the development of this novel family of products. This
controlled emulsion polymerization method and manufacturing
process affect the final polymer architecture with an end result
of improved coated paper strength, which is a competitive
advantage. This unique platform has helped RohmNova, a product
technical, sales and service joint venture between OMNOVA
Solutions and Rohm and Haas, to offer greater value to current
customers and gain new ones.
Category: Continuous Innovation
TITLE: Pulverized Rigid and Semi-Rigid PVC
MARKET: Laminates
WHO: Ani Khandekar - Fairlawn, Ohio
Steve Reed - Auburn, Pennsylvania
WHAT: This team recognized the environmental and cost advantages of
determining a scrap recycling method compatible with existing
manufacturing processes at OMNOVA's Auburn, Pennsylvania
facility. Previous attempts to recycle rigid and semi-rigid PVC
scrap back into the production process had been unsuccessful.
This team identified a scrap pulverization method and optimized
it to ensure products incorporating recycled content would meet
customer specifications.
TITLE: T-3 PVC Roofing Membrane Formulations
MARKET: Commercial Roofing
WHO: Mike Hubbard - Maumee, Ohio
Neal Frank - Muscle Shoals, Alabama
Tim McQuillen - Maumee, Ohio
Jim Burkett - Maumee, Ohio
Ray Weinert, Ph.D. - Akron, Ohio Technology Center
WHAT: This team was responsible for the development and
commercialization of a new PVC roofing formulation for OMNOVA's
GenFlex Roofing Systems business. The formulation produces a
more durable membrane, offering enhanced performance over an
extended period. Rigorous third party testing validated the new
formulation. A key feature of this innovation, dubbed T-3, is
its improved ability to withstand outdoor environmental
exposure.
Category: New Product Development/Commercialization
TITLE: Terry Loop Knit Coated Fabrics Construction
MARKET: Upholstery
WHO: Anthony Nix - Thailand
Chavalit Jiratrakanvong - Thailand
Dave Fishel - Columbus, Mississippi
WHAT: When an automotive aftermarket customer requested an upholstery
product that was softer, easier to sew and more cost
competitive, OMNOVA and its joint venture facility in Rayong,
Thailand worked together to create a vinyl fabric with a novel
look and feel. The unique construction features a textile
backing composed of large closed loops, which provide a feel
similar to a terry cloth bath towel. The Terry Loop
construction has equivalent physical properties to competitive
products in terms of aesthetics, weight, flame resistance and
tear strength, but offers an improved look and softer feel.
This OMNOVA innovation has been specified in automotive
upholstery aftermarket, marine upholstery aftermarket and OEM
automotive upholstery applications.
OMNOVA Solutions Inc. is a technology-based company with 2004 sales of $746 million and a current workforce of 1,850 employees worldwide. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses.
SOURCE OMNOVA Solutions Inc.
Sandi Noah, Communications, +1-330-869-4292, or Michael Hicks, Investor Relations,
+1-330-869-4411, both of OMNOVA Solutions Inc.
http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
Please post chart with analysis, dont know how to post charts.
Might spike up with energy bill getting signed ??
Thanks !
A dinky little company that has problems making money. They are in a definite uptrend -and likely getting some mo from the ipo of SWSI which is up 40%. Not a sure thing.
Omni is a bit player in the oil field. (which does not mean it will not go up - plenty do.
Just my two cents.
Better choices would be oil consulting firms TGE or ENG - both have great numbers and specialize in their field. They are both near $10 and look great.
http://finance.yahoo.com/q?s=eng
http://finance.yahoo.com/q?s=tge
Nice Price, Nice Sector, and near a breakout,would like to see more volume.
Revenues up +40% last quarter.
**********************************************************************
OMNI Completes Sale of Aviation Unit; Proceeds Used to Reduce Debt and Provide Working...
CARENCRO, La., July 29, 2005 /PRNewswire-FirstCall via COMTEX/ -- OMNI ENERGY SERVICES CORP. (OMNI, Trade) announced today it has completed the previously announced sale of its aviation unit to Rotorcraft Leasing Company, L.L.C. for a cash price of $11 million. The proceeds will be used to repay advances under the Company's Term A credit facility, pay the costs and fees associated with the transaction and provide working capital.
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and through its aviation division, transportations services to oil and gas companies operating in the shallow, offshore waters of the Gulf of Mexico. The company provides its services through several business divisions: Seismic Drilling (including drilling, survey and permitting services), Aviation Transportation (including helicopter support) and Environmental Services. OMNI's services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast also called transition zones and contiguous dry land areas also called highland zones.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with OMNI's ability to apply the proceeds of the sale as discussed in this release, OMNI's dependence on activity in the oil and gas industry, labor shortages, international expansion, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the outcome of pending litigation, completion of strategic transactions under consideration by OMNI and other risks detailed in the Company's filings with the Securities and Exchange Commission. No assurance can be given that the financing discussed herein will be completed.
SOURCE OMNI Energy Services Corp.
G. Darcy Klug, Executive Vice President of OMNI Energy Services Corp.,
+1-337-896-6664
http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved. ********************************************************************** As of Monday, 07-25-2005 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 07-08-2005 for OMNI @ $2.60. (C) 2005 Comtex News Network, Inc. All rights reserved.
Dirty Cheap right now.. I'll be looking for that reversal and can't wait to get in at these levels
Here is a very nice bullish read on the company..
http://moneycentral.msn.com/content/P79153.asp
Omni Energy Services
The niche: Thanks to high crude oil and natural gas prices, 3-D seismic mapping of hydrocarbon deposits is in huge demand. The technique makes it a lot easier to locate and drill energy reserves. Omni Energy Services (OMNI, news, msgs) plays a key role by securing permits and preparing sites for the blasts used to help create the images. More important, the Carencro, La., company specializes in the marshy areas along the Gulf Coast in Texas and Louisiana. Natural gas deposits are plentiful in the region but tricky to tap into because of quirky underground geology, says Dancy of LSGI Advisors, who has a position in the company. Omni also provides helicopter transport to offshore rigs.
The growth: As long as natural gas prices stay high, demand for seismic mapping will stay robust. "Our business is extremely good, and it is only getting better," says G. Darcy Klug, Omni's CFO. "We don't see that changing in the foreseeable future." The company is also growing by buying out competitors.
The play for coverage: Omni is covered by only Spelman Research in New York. The company is a turnaround. New management came in during April 2001 and spent the last two years "building a business to where we would have a story to tell Wall Street," says Klug. This year, it has been reintroducing Omni to money managers, and the company is going on a road show this quarter. "We think at that point in time we will pick up coverage again," says Klug. The shares were up 33% by mid-March but have given the gains back.
How much would the revenues suffer with the sale of the aviation division? Is that the reason for the apparent sell-off, or is there any other underalying reason for it?
now 3.91 +0.87 on fema contract to rebuild superdome and some other work, wht you think? might have some more to run no?
This news caused a flurry of activity..still going on after market now.
And here is a list of insider warrants, options and convertible stocks that were done from May 05 to Aug 05...i really don't know anything about these things....unless its insider stock buying..but, perhaps the rest of you could use the info.
http://www.secform4.com/insider/showhistory.php?symbol=omni
September 28, 2005 - 3:29 PM EDT
OMNI Awarded $4.5 Million Seismic Drilling Contract
Environmental Unit Named as Primary 'Call Out' Provider; Company Comments on Effect of Hurricanes Katrina and Rita
CARENCRO, La., Sept. 28 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI) announced today it has been awarded a $4.5 million contract to perform seismic drilling services for a large independent oil and gas company on property located in northeast Louisiana. Work is scheduled to commence in the fourth quarter of 2005. With the addition of this new project, OMNI said its seismic drilling backlog now tops $26 million, a substantial increase over backlog levels at this same time in previous years. Additionally, the Company has announced its environmental unit, Trussco, Inc. has been named as the primary 'call out' provider of environmental cleaning services for a major oil and gas operating company operating in the Gulf of Mexico.
Commenting on the newly awarded seismic drilling project and environmental contracts, James C. Eckert, Chief Executive Officer said, 'We are very pleased with the award and timing of this new project. Combining this new seismic drilling contract with (i) the recently awarded environmental contracts in New Orleans; (ii) the announcement of our impending acquisition of Preheat, Inc.; and, (iii) the continued expansion of our customer list as the primary 'call out' provider of environmental cleaning services for major oil and gas companies operating in the Gulf of Mexico, we are very excited about our current position in the marketplace and even more excited about our future. Our profit margins in our environmental unit remain very strong. These new contracts will mitigate the short-term disruption in our operations caused by four (4) third quarter hurricanes. Furthermore, these new primary relationships continue to establish a solid foundation for our planned organic growth and external expansion of our core business segments as management continues to focus on improving shareholder value.'
'Since our insurance contracts have small deductibles for wind and flood damage, we do not expect a significant adverse financial impact from lost equipment or facilities caused by the third quarter hurricanes. The aftermath of Hurricanes Katrina and Rita, however, has resulted in the inability to arrange for the housing of work crews on certain previously scheduled third and fourth quarter seismic drilling projects. As such, several of our customers are forced to defer until early 2006, certain previously scheduled third and fourth quarter transition zone projects located in the coastal parishes of south Louisiana and the highlands of Mississippi. The deferral of these projects will cause approximately $3 million of our previously anticipated third quarter seismic drilling revenues to now be deferred until 2006 without a corresponding reduction in costs. This change in anticipated revenues, however, will be temporary. Re-scheduled seismic drilling projects are expected to resume during the first quarter of 2006,' continued Eckert.
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. The company provides its services through two business divisions: Seismic Drilling (including drilling, survey and permitting services) and Environmental Services. OMNI's services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast also called transition zones and contiguous dry land areas also called highland zones.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with OMNI's ability to successfully complete the contract discussed in this release, or at all, the timing of the rescheduling of seismic drilling projects and the availability of housing for work crews, OMNI's dependence on activity in the oil and gas industry, labor shortages, international expansion, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the outcome of pending litigation, completion of strategic transactions under consideration by OMNI and other risks detailed in the Company's filings with the Securities and Exchange Commission.
SOURCE OMNI Energy Services Corp.
Hey Julia,
Another good pick! You're finding a lot of nice ones lately ;D
The only shame is that we didn't see this last week, then we would be laughing :D
So, my opinion of this one is that:
a) the news is very positive, after all you can't beat a nice chunky contract set to start next quarter.
b) the offset of projects in Mississipi and Louisiana may cause a short pull-back, this is work that will still go ahead, and will only impact future revenue next quarter, also no bad thing.
c) it sounds like there was a LOT of other recent good news there too, hence the jump last week. Should look into this some more.
As far as the technicals, I'll post 2 charts:
The first is a long term chart for the last 2 years, the second for the last 6 months. On them you can see clear long term support/resistance levels at $2 (which it just bounced off), $3 and $5. The first 2 are fine for now, the question is whether the $5 resistance which was the high of day today will cause problems for further upward movement. There is also an ascending resistance line, which it bounced off on the first big move last week, which should hopefully now act as support, and another unreliable, but VERY sharp one signalling this breakout, both standing at around $3.70 for tomorrow. Below this we have support at $3.
Now, the price has been jumping and pulling back alternately since the breakout (and has pulled back a little in the after market). I would expect it to pull back some on profit taking tomorrow and then re-test $5, hopefully blasting right through it. After that I don't see anything until $9 :o
All I can say is look at that volume :o :o :o this has got to be heading up from here!!
Hey ScottishTrader....Thank you! ;D
I know.. I wish I noticed it earlier too :(...I'm trying to be more dilligent in looking for news releases as early as possible...obviously will get your foot in the door earlier if caught in time.
Yes, who knows where it will go...hopefully alot more, especially if someone decides to jump in. I generally only trade stocks under $1...so this is too rich for my blood.
Great comments and charts you added! :D
thanks very much,
julia
Alright, I haven't posted on OMNI in a few days, mostly as I have been waiting for some progress, all the while watching my losses mount, as I bought way too high, even though I thought I was buying the pull-back, it just pulled back much lower :-[
Oh well, another good lesson - if you are planning to buy on the pullback, make sure it has pulled back!! And give it at least a day to do so after a big run! Often stocks will just have a single day of profit taking, but they can also have longer runs of profit taking, and I got caught out by one of these.
So, as far as I can tell, we are sitting at a double support right here (I bloody well hope so!) The ascending trendline that was resisitance should provide support, adn sits today at the low of the day. The also corresponds with a support level that alhtough not on the chart, is confirmed as support from a year ago and is the high from the original breakout. The other possibility, which I'm not sure about is that we have a potential G-Pattern in the making, though it might not fit EliteG's exact technical specs. But what I see is a big advance on major volume (interspersed with lower volume pullbacks), then 4 days of downward consolidation. If it breaks tomorrow, it could go big ???
However, that may be a bit optimistic. At this level (I'm almost 20% down) I'm not willing to take any more downside. Unless we open above support and see a positive move tomorrow, I will sell at the open, lick my wounds and move on. There are so many others out there...
Oh no, I hope this is just a pullback Scottish Trader. That is odd though...the press release did sound pretty good.
Perhaps any one has some comments?
Good luck to you Scottish Trader, I hope this ends up running north soon?
julia
OMNI - OMNI Energy Services Corp.
OMNI offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico.
Here is a snapshot of OMNI:
Fundamentals - profitable / positive outlook
Technicals - all indicators are bullish
Insider buying - reported back in November, 2005
Sector - Oil & Gas Equipment & Services
Analyst Opinion - Strong Buy
The Company reported on March 29, 2006, $0.04 earnings per share for the 4th quarter. OMNI's CEO James C. Eckert said the following regarding the outlook:
"With the Preheat acquisition, we are now on pace for record levels of revenues and profitability in 2006. This prediction is also evidenced by increases in our seismic drilling and NORM de-contamination backlog. Considering the inclusion of Preheat, we expect the 2006 year will be as strong as originally projected with significant year-to-year increases anticipated in top line revenues, cash flow and overall profitability."
http://biz.yahoo.com/prnews/060329/daw017.html?.v=45
One analyst has a "Strong Buy" rating on the Company with a $7 target. Its estimates for OMNI are $0.49 EPS for 2006 and $0.70 for 2007.
Most recently OMNI announced that it was awarded another $7 million seismic drilling contract. Its backlog totals now almost $60 million.
http://biz.yahoo.com/prnews/060407/daf009.html?.v=44
3-D seismic data is as hot as it can get. The following article states that: "Oilfield technology spending will rise faster than oil production."
http://moneycentral.msn.com/content/P146317.asp
OMNI broke through resistance right below $5 on April 06, 2006 and since then it has moved upwards hitting new 52 wk highs at $6.25.
I expect a pullback to test $4.98 (support level) after rallying from $3.23 to $6.25 before resuming the uptrend. Anything below $5.20 should be a good re-entry point. Keep it on your radar. Good luck!
Great news today: http://biz.yahoo.com/prnews/060602/daf018.html?.v=58
More Insider Buying: http://www.secform4.com/insider/showhistory.php?cik=omni
New 52wk High on strong volume.
Dang it Cache, a day late. What a great looking buy that was going into the open today :( I might try a day trade Monday when it goes for the 3rd White Soldier. If I do I'll sell end of day though. Thanks for the heads up.
Hey Lucas, I think this stock will be trading over $10 pretty soon there is a lot of room to the upside, look at the earnings estimates, this is a monster.
A day late? I posted this a month ago, but still a great buy. ;D
Also this piece of news made da traders JUMP on it ! ;D
OMNI Energy Srvs expects Q2 Revs to top wall street estimates (7.43 +0.35)
Co announced that it expects its 2006 second quarter revs to exceed revised Wall Street estimates of approximately $25.8 mln and, barring any unexpected weather or permit delays, to exceed its 2006 first quarter revenues of $18.5 mln by as much as 50%. Additionally, the Co said that it expects the demand for its seismic drilling services to remain strong through the remainder of the 2006-year and into the 2007-year.
Insiders bought more today:
http://www.secform4.com/insider/showhistory.php?cik=omni
Headsup.....It broke out
Yes bocasva, new 52 wk high on strong volume, looking great! ;D ;D
This is a buy ............I'll be jumping in tomorrow...... ;D
OMNI is ripping after breaking out of a nice little consolidation above $9 a few days ago, and got a nice double dose of positive PR yesterday and today:
OMNI to Buy Rig Tools for $14 Million
http://biz.yahoo.com/ap/060627/omni_acquisition.html?.v=1
OMNI Updates Second Quarter Guidance
http://biz.yahoo.com/prnews/060628/daw014.html?.v=66
They are expecting Q2 to come in at more than double EPS of Q1, and well above analysts estimates, in addition to purchasing a leasing firm that should add significantly to thier top line.
While OMNI gapped up hard this morning on the updated guidance news and sold off during the day, I think it looks very strong here - volume is good, strong uptrend and solid and improving financials. Barring a gap fill (which may happen in the next day or two) OMNI looks set to head up and I think this one could have another 20-30% in it before earnings.
Chart's great too ;D
OMNI tried to fill the gap yesterday, but ended up putting in a nice hammer, and today we have a solid rally to new highs on good volume ;D
Everything looks positive for OMNI to keep on with this move here....
anyone still watching OMNI?
It appears that we may be at a time for another move on this one. Possible double top formed in the last month. I may try a short at open around 11.50- 11.60 with a stop at the double top of 12.47 (8% loss potential) target 9.34 (about 16% gain)... this will probably be a paper trade for me. If it goes above 12.47 GO LONG!! Omni is looking strong over all, it just has had an incredible run, so it seems that it needs a breather and i believe a technical double top is forming.
Sorry no chart, still can not figure out an easy way to do it. I can copy my charts into a word doc. but not into this e-mail... )
Cheers Joe
Hey Joet,
I'm still long OMNI, and expect earnings to be announced any day now (no official date set yet though). Earnings are set to be above analysts expectations, but they have already stated this (which helped fuel the last runup) so we may see a "sell the news" event - it really depends on what their numbers are, but they should come in at least in the .23-.24 range (from what they have indicated).
Technically, I think the chart is still looking pretty strong, while short term it has been forming a bear flag, this has yet to be resolved, and the last bear flag broke to the upside. Longer term a large ascending (or slightly symmetric) triangle has been forming, and from what I see, while it may be possible for it to move down to the 10.50 range to test this trendline again, it may well test recent highs again, and possibly break above, although earnings will probably be the catalyst for this if it happens
With almost guaranteed strong earnings around the corner, I would be careful entering a short position here. It could work out well in a "sell the news" scenario, but it is also entirely possible for OMNI to gap above recent highs (and your stop) on strong earnings. Well, at least that is what I'm hoping for ;)
Thoughts here Scot Trader? The news is out, the gap up happened, seem like it was all built in... now OMNI is drifting down SLOWLY... I am holding a few short still feel a double top is forming and if confirmation happens around 9.4 we could see under 8
then again once digesting the profit takers it could move up but it appears that the catalyst is gone... cheers joe (Holding 11.70's as i post)
Have been travelling the last few days and in other time zones, so having a hard time keeping up, but it looks like you nailed it nicely, at least short term, currently sitting around 10.40 and I'm back uynderwater. Seems strange to me considering the strong ER. However, many stocks have sold off on godd earnings lately (just look at GIGM). Right now, I think OMNI could still be consolidating in an evolving symmetric triangle. Although it has sold off, I don't think it has turned bearish quite just yet. The 50MA is currently at 10.14 and continuing to support the price and is still rising. This is really the level I would not like to see it move through. OMNI could still get a bounce here and move back up to test the 12.00 area. If it breaks below 10 it may get nasty and move to test 9.40 horizontal support, but their strong revenues and recent growth should support a valuation around this level. It is also getting to that time when hurricane season could become a factor (both positive and negative) that could significantly affect upcoming revs. Perhaps this uncertainty is also playing with the pps.
;D :D
My short position is small but it is nice to start getting some afirmation of chart reading...
Any technicians out there see this as a double top breakdown?? Low today of 9.61,the support from the bottom of the trough should be around 9.34-9.4... That is my first target for this position...
OMNI has been a strong performer, but probably ahead of itself, coupled with the forming of the double top is why i shorted before earnings at 11.60
I will tighten up my stop to cover.
The three flags that formed in June between 7.60 and 9 all broke to the upside, i would say that the top and bottom of those flags would be the next logical support/target. After that we would be looking to drop to 5.5-6 which would be incredible to me! But this is almost exactly what HOM (now HSOA) did in the past few months (Recovery for HSOA begins tommorrow ;)) But HOM never had the double top so i did not believe the reversal for a while... now i am trying to find confirmation of a HOM reversal to the upside (my big bag)
Anyway i digress.. OMNI short target on this double top breakdown?? Good trading to ya cheers Joe
Good call on the short, joet, although I do believe that OMNI is heading into strong support at this level. The support and resistance lines from the june flag converge right here at 9.60, and as you said horizontal support below that sits at 9.40. If it breaks that though, then it could easily head to $7 before bouncing. Right now I am maintaining my long position, as I think we could also very easily see a quick bounce back into the $11 range. A break of 9.40 ould be my signal to get out (and may be a good level to add to your short???)
Covered my tight stop at 9.52 was filled today, placed yesterday when my target of 9.34 was reached... some good news for them today, will see if this support holds... my sentiments are still bearish, but it will only be on paper forthe time being
cheers joe
Am out for now as well - sold on Tuesday's break of 9.40 support - of course it reverses at 9, and now will probably continue to rally to 12 again!! Oh well, watching for now...
Nice follow through on the reversal doji yesterday on OMNI!!!
Currently up over 8% and still going. Looks like this reversal could run!
Jumped in, looks like its basing..........
Good call Holygrale - Very nice move to the upside yesterday to break out of that base. Got above resistance at 9.40, and indicators are all starting to look more positive - MACD histo about to go positive, price close above 13ema, which is turning up, and also tagged the midline of the BBs -if it moves into positive territory, my first target would be around 10.40, then the top of the BBs, which look like they have been bounding the share price quite well over the last few months.
Good luck, I may just jump back in on this one!
;) Aussi You are nailing it on XOM do not jump in OMNI too soon... it may test support at 7.75, look how all energy is taking a hit and OMNI had a huge run in the past 6 months, my feeling is that the double top break down is not over yet...
my 2 cents..
How about a rebound play on VLO? Cheers joe
well joet, you have been bang on about OMNI, and it has just about odne the exact opposite of what I have expected - a real surprise considering they have been consistently raising their EPS predictions, but I suppose larger forces have been at work in the oil services sector.
Fortunately, while I did buy the upside move at the end of August, I changed my mind almost immediately and sold for a break-even around 9.40. Good thing too, as it really tanked from there :P Nearly bought the move on the revised estimates news a couple weeks ago, but maybe I'm actually learning something, as I held off when I saw it stalling near the descending trendline.
However, now I think OMNI looks a lot more attractive. It has formed a W-bottom just above the 200MA and support from the April-May consolidation, and looks ready to break out of the falling wedge formed from the July-Aug double-top. Considering their strong earnings forecasts and some stabilisation in the oil sector, I think OMNI could be in for a reversal from this level. We also have a bullish WolfeWave with a targe of around 10.00, which appears to tick all the boxes.
a breakout of this wedge pattern and resistance at 7.75 (which it banged up against yesterday) should signal a move to next resistance at 8.47-8.50, after which resistance around 8.90 could come into play. I dipped my toe and am back in at 7.35
I applaud you ScottishTrader...Great chart...I have bought many shares at 7.20 for a profit target at about 9.5 and a stop-loss at 6.50...We will see :)
OMNI hasn't had too much luck with oil getting killed further lately. Banged right into descending resistance of this big wedge and horizontal resistance around 7.70-80. Still waiting for a breakout of the wedge, but it could retrace back to the support line. Will sell on a close below 6.94.
OMNI had a solid day yesterday, and while it is arguable, a possible breakout of the wedge, although I will only believe this on follow through confirmation today. However, things appear to be turning around in OMNI's chart, and what we really need to see is a close above what looks to be key 7.80-7.85 resistance. Hopefully we can get that today (and a bit of volume).
The $8 range looks to be fairly weak, and a move above 7.80 should get us to 8.50 fairly easily. Above that resistance looks to kick in at 8.90 and 9.50 levels. I am also liking the wolfewave formation with a current target of around 10.30. I wouldn't be surprised to see OMNI start running as earnings season starts to kick off...
Descending wedge breakout CONFIRMED ;D
Gapped above resistance this morning to open at 7.95 - currently trading around 8.10, up almost 5%. Lets hope this continues.... ;)
Kudos to those long on OMNI today.. I sold on the red doji two days ago, bummer, was playing a W pattern and thought that it had broken down... Now with Melfs help i can calculate the target and see what is in play... botoms at 6.63 and 6.75, middle leg top 8.47, conservative difference 1.72, thus target 10.19... agree? Perhaps i will jumb back in if we get a small pull back... Can the target be above where the left leg started?
On these what do folks use as stop limit? A break of the middle high? the bottoms of the W?? Trailing %? I bailed on the slight down day because i was looking for the pattern to be smoother. Any suggestions on how smooth or sharp the upside leg is to "Make" the pattern?
Do the middles often prove resistance?
Cheers Joe
OMNI breakout out of its recent trading range and it looks like its getting some volume coming in :D
Just brok 8.45-8.50 resistance. ;D
Superb day for OMNI yesterday, but oh my, what a fickle beast!!!
On Monday it seemed to get stuck at 8.68 and was just sitting there for ages - I had a "feeling" as the ask ticked down to 8.67 and entered a limit sell for 8.66, think it may pull back some, and then the flood gates opened!!! needless to say my limit order didn't get filled, and before I knew it (had to deal with something else) it was sitting in the 8.20s, having given up the whole days gains. 5 minutes before close I thought is was looking very weak after that big drop, and in anticipation of a continuation move I sold, at market, right near the lows. And guess what??? Right after the closing bell, big orders started coming in and it went right up to and past the highs of the day in the after market.
Needless to say, big gap open yesterday and then ran strong right out of the starting blocks, but without me :'( Didn't want to chase it as I was still smarting from my foolish sell, but boy does it look strong right now!
Anyways, should be happy with my gain but it still leaves a bitter taste in my mouth. Next resistance is around 9.40-50, lets see how it holds up today. Well on its way to that elusive WW target....
OMNI is looking even better... Strong move today, topping out just above resistance at 9.84, but closed a penny under. Looking for continuation tomorrow...
That WW target is looking quite attainable and we also have an inverse H&S formation with a truncated right shoulder - target of the inverse H&S is 9.84 + (9.84-6.63) = $13.05.
With strong earnings forecast, this could easily run to test old highs in the next few weeks...
nice analysis & trade, applauds scottish Trader
OMNI wolfewave target MADE @ $10.30 this am. Lets see what else its got....
OMNI reported (apparently without warning) in the middle of the day today very unusual ???
http://biz.yahoo.com/prnews/061106/dam039.html?.v=85
They earned .26/share on revs of $26.6M, as they say nearly 3 times their 3Q 05 revs. This appear however to be a slight miss to expectations and they got absolutely creamed on this release, having gapped up to 9.88, they lost over a dollar in fairly quick succession. I'm not totally sure why, possibly because the earning annnouncement surprised people, was not pre-announced and there was no conference call or update from management beyond this. Also a lack of future guidance.
In any case, investors didn't like what they saw, however I smell the potential of a bargain, despite the fact OMNI was trading as low as $7 recently. Support at 8.80 held and I picked some up at 8.86. I'm looking for this to hold and some chopping around the 9.00 range, but if 8.80 fails, next support comes in at 8.45-8.47, at the bottom of the gap. My stop is set for 8.42
All in all not a pretty candle on the chart - this may end up being a quick trade my aim is to get out around 9.80, but I may settle for anything close to 9.50 if we get a short lived bounce.
Very nice rebound for OMNI on Tuesday, but I didn't follow my trading plan (not doing very well on my new trading philosophy yet :-[) Tuesday's high was 9.78, 2 cents below my stated target of 9.80 for a quick swing, and would have been a nice 1 day trade. I failed to set a limit sell, and so am now managing my plan as it develops.
OMNI made a long legged doji today, and looked strong in the afternoon, breaking above 9.50, but pulled back late in the day, closing just below the opening price. Overall, I think OMNI continues to look positive, although it may need to consolidate some more in this range. The chart suggests a potential symmetric triangle in the works (although I will admit t is pretty rough), as well as the developing right shoulder of an inverse head & shoulders. Resistance looks to be at 9.62 and 9.80, and the price should find some support at 9.30 and 9.07. I am maintaining a hold with a stop at 8.68, just below the low of the last month (risk of about 2% on my position).
I will also post this up here just now, as it gives a longer term flavour for OMNI. The 1 yr chart shows just what an incredible year OMNI has had (actually looks not dissimilar to GIGM), and I think it is set to continue, with further expansion and as they add subsidiaries like Rig Tools into their revenue base.
It should be noted that OMNI could pull back to its ascending trendline around $8 and still remain bullish. I hope it doesn't and that it breaks up through the $9 area to re-test its summer highs. This looks to me to be a clear medium term hold.
Another down day for OMNI, but holding within my current trading plan. As I study the chart, it looks more and more to me like OMNI is forming the right shoulder of a bullish inverse H&S (in pink on the chart, with the neckline currently coming in (a long way off) around 10.50. Obviously there is some short term chart development that needs to occur before we know whether this pattern will come to fruition.
Short term there is also a potential bearish H&S formation (in green) fractalled within the right shoulder, that is fully contained within a bullish falling wedge (in blue). Doube horizontal support comes in at 8.78-80 (the low of the big red candle) and 8.67-68 (the tails of the early Oct gap). This is a tricky one to call. I am happy with my 8.86 entry, and want to see through the resolution of this pattern, but I also don't want to see a profit turn into a loss. My current stop is set at 8.74, but I may pull that back to 8.66, as my risk is still low, and that puts it just under this double support.
Lets see how OMNI ends the week.
Scotsman,
I'm very impressed, not only with your analysis and your hard work, but with your dedication and determination to become a successful trader.
BIG applause, buddy!
Pattern Review:
1. The Double Top target of 6.54 MADE, within nine cents. Those situations are tough, which is why I say, "Don't step over dollars to pick up dimes." Don't hold out for every last penny.
The Double Bottom at 6.63 and 6.75 near the 200DMA was a strong clue to cover a short postion. Those two lows also were a Wave 5 DOUBLE fakeout in your Wolfe Wave (nice job, seeing that!).
2. Bear Flag rally back to 9.39 broken support.
We should ADD to the short position on the break of the Bear Flag. Funny how we'll "Double Down On A Loser," but seldom "Double Down On A Winner." That break of the Bear Flag at 8.86 is the perfect place to do it. The Bear Flag targets of 8.10 and 7.12 both MADE.
3. October 9 was an upside takeout of a W-Bottom. Target: 10.19-10.31 IN PLAY, depending which leg you use to measure.
In this case, OMNI broke out of an Inverse H&S on October 25, and the next day, your Wolfe Wave Target line came in at 10.33, so it would have been very reasonable to go with the 10.31 W-Bottom target, and sell into 10.31-10.33. Both targets MADE. The high was 10.50
Next post, we'll look at more of a close-up of the recent action.
Quote from: ScottishTrader on November 10, 2006, 09:00:18 AM
Short term there is also a potential bearish H&S formation (in green) fractalled within the right shoulder, that is fully contained within a bullish falling wedge (in blue).
Scotsman,
In my view, patterns should begin at a high, or at a low, not in the middle of some other move. Even when patterns are "nested" (patterns within patterns), there should be distinct starting points, at a high, or at a low.
In this specific case, where is the Falling Wedge "falling
from?" Has OMNI fallen from Blue #1, where you started your pattern, or has OMNI fallen from the high of 10.50, at Blue #2?
I'm by no means the final word on how to draw patterns, you understand, but I don't think that one is valid. Just my opinion, of course. I'd get rid of it.
Scotsman,
In my view, a Bullish Falling Wedge would start at the 10.50 high (Blue#1), then come down and end, ideally, at 8.61, which is the 50DMA, or at/right near 8.47 (Blue #4), which was the W-Bottom pivot, then breakout.
That would look very bullish.
It would tell us, "Okay, I had a false breakout above the neckline of the Bullish Inverse H&S pattern. I also got rejected on a second attempt to breakout above that neckline, at the release of earnings. But, I've found support at a key level, and I'm breaking out to the upsdie again on a Bullish Falling Wedge."
Something like that.
Quote from: ScottishTrader on November 10, 2006, 09:00:18 AM
iit looks more and more to me like OMNI is forming the right shoulder of a bullish inverse H&S (in pink on the chart, with the neckline currently coming in (a long way off) around 10.50.
Scotsman,
I'd say that's an extremely "optimistic" interpretation on an Inverse H&S. You're long, though, so I certainly can't blame you. :D ;)
Two big problems with that interpretation. The November 6 candle:
1. Voilume in a Right Shoulder should be the least volume in the pattern. It's BIG.
2. It's a "Gap To Crap" reversal candle off the neckline of the larger Bullish Inverse H&S.
Pretty serious flaws. It also looks more like a H&S Top than it does an Inverse H&S Bottom.
I'd throw that one out, too. Sorry. :(
I need to sign off now, but I promise to finish my comments before Monday's open, FWIW.
Hey Melf,
No problem and thanks very much for your input - often it is difficult to read charts with a truly objective eye, especially when you "want" it to do something (hence I asked for your impartial opinion). I'm gonna have another look at this one too.
I think that 8.78-8.80 looked to be key support off the big down candle, so in the first instance I would like to see that hold, but I am getting less and less sure as to whenther the chart looks short term bullish or bearish. If this level fails, it would probably be better to get out and wait for it to test either 8.47 support, or even that long term ascending trendline around 8 (if it goes down that far). Maybe I just need to get away from some of these stocks that I "like" (i.e. am a bit too involved with), as while familiarity with a stock can be a good thing, it can really do your head in too!! Basically, every trade needs to be treated like you are new to a stock. No history ;)
Anyway, Thanks again for your analysis, and have a good weekend!
ST
Quote from: ScottishTrader on November 11, 2006, 05:17:21 PM
Basically, every trade needs to be treated like you are new to a stock. No history ;)
Scotsman,
I totally agree. I "like" DNDN, so I stayed in that trade from May to September, knowing that I had plenty of short-term sell signals. "Treat it like a business."
This is the 13/21 RSIs chart. That's the fastest that I use, for "early" indications.
You can see all off the failures at Bearish Synchronicty (readings are very close), until the nice Buy Signal, at 7.63.
This indicator has had a Double Top, then a failure at the Double Top, and at Bearish Synchronicity. It gave a Sell Signal on Friday at 8.89, a penny below the November 7 low of 8.90 (the sell pivot), which was the day that the signal was issued.
Next, we'll skip down in the Fibonacci sequence, and look at the 34/55RSIs, then we'll look at the recent chart after that.
34/55RSI Chart.
Nice Buy Signals at both the W-Bottom breakout, and at the Bullish Inverse H&S breakout, on October 23. The low that day was 8.90, so that's the Sell Pivot. A print of 8.89 is the stop.
So, we've got TWO stop outs at 8.89, arriving at it from two different indicator time-frames, and from two different days: October 23, and November 7, on the 13/21RSIs.
These 3 recent red arrows (failures) are suggesting that the Inverse H&S was a false breakout.
As you know, indicators don't TELL US to sell. We make that decision, by considering the signal vis a vis what's going on in the chart.
We'll do that next. Probably in the morning.
Scotsman,
My boys (Notre Dame) are winning by 30 points, so we can carry on. :D ;D
If today were after the October 26 close, I would be be saying...
Scores For Technical Merit...
;D 10...10...10...10...10...10...10... ;D
1. The Inverse H&S Pattern had broken out.
2. The W-Bottom target of 10.31 MADE that day.
3. Your Wolfe Wave target of 10.33 MADE that day (you did a great job, finding that!)
BEAUTIFUL.
The candle that day isn't great, but DIVX recently put in a much worse candle off resistance, then continued higher. At this point, that candle wouldn't bother me, and I would "assume" that the Inverse H&S target of 13.01 would get MADE.
"Assume that it's still Bullish...until it
ain't."
Let's see what happened. Next post.
Quote from: Melf Elf on November 11, 2006, 06:13:36 PM
"Assume that it's still Bullish...until it ain't."
Let's see what happened. Next post.
DREADFUL!!!!
1. We never like to see a close, back below a breakout, but we got one the next day. Well, okay. Sometimes that happens, but we would expect a quick recovery.
2. October 30, a Black Candle, closing near its low. Wha-aat?? ???
3. Halloween, a recovery. Whew! You had me worried there! :D
4. November 1, a little black candle. What's the problem here? ??? ??? ???
5. Novermber 2, a break a CLOSE below the 8.90 October 23 RSI "Buy Pivot" Candle! Please tell me that you're joking! I'm STOPPED OUT. >:(
6. November 3, a white candle. Well, of course! I just got STOPPED OUT!! >:( >:(
7. November 6, a "Gap To Crap" candle on BIG volume, at the neckline of the Inverse H&S, and another close below the 8.90 "buy pivot." The close was 8.85.
Scores For Technical Merit...
Please wait...
The judges are furious...
>:( 1...2...1...2...2...0... >:(
The last judge is Melf Elf, who is ver-ry cranky.
8. November 7, A nice white cancle, that fails at the neckline. >:(
9. November 8, I don't care any more. :P
10. November 9, I said I DON'T CARE ANYMORE!!!!
11. November 10,
another break of 8.90, so
another Sell Signal, basis the RSIs. But, it managed a close at 8.94.
I don't care. I HATE THIS STOCK!!!!!!!!!! :D >:D
Warning:
"Do NOT become emotional about stocks, like Melf Elf. He's much too cranky." :'(
We will look at UNEMOTIONAL Bullish Possibilities in the next post. :)
One of the best chances that OMNI has of returning to Bullishness, is to put in something like the Bullish Falling Wedge that we discussed, then break out again.
The top of the Kumo (Cloud) is at 8.72, so a low there, then a breakout would be a Symmetrical Triangle. More like a Descending triangle, since the last low was 8.70. If it dips below that, then breaks out, its the Bullish Fallling Wedge.
All of the RSIs are bearish, like the 'RSI Across The Board Sell Signal" in GIGM, at 11.00. GIGM droppred to 9.09 on that signal, before recovering.
So, OMNI has its work cut out, rallying against those signals.
We know the "Coulda...Shoulda...Wouldas" that we do, after a trade.
Try to do that NOW.
What do you KNOW that the stock is doing? LIke:
1. It just broke down from the Double Top, at 9.29, so I'm shorting.
2. It just broke down from the Bear Flag (early September) so I'm adding to my short.
3. It just broke out above a W-Bottom, so I'm getting long.
4. RSI gave a Buy Signal, and the chart looks good. I'm getting long.
5. The Inverse H&S broke out. I'm getting long.
When we don't understand what's going on, nothing wrong with "abandoning the trade."
"When in doubt, get out."
I never recommend. It's your money, Scotsman. YOUR decision. Sorry that these posts were so long, but I like to understand trades, as best I can, and it takes a lot of work and thought, like you've been doing, which is why I spent the time. I greatly admire your efforts.
Good luck, buddy!
Melf,
Thanks once again (and applauds!!!) for your insightful analysis. Your RSI synchronies are not something I use, but have become somewhat au-fait with, having followed many of your other threads elsewhere. My perception of the recent action is probably much in agreement with yours. I do see some potential support (light blue line) right around 8.90 on the hourly chart, which OMNI was flirting with on Friday. I think, given all of this, and the fact that OMNI seems to "want" to go lower in the short term(at least all the indicators are pointing that way), the most prudent course of action would be to bring my stop up to my buy point, at 8.86, to limit any loss, and I don't want to see a profit turn into a loss here. If 8.90 support holds, and price breaks out of the short term descending channel (pink) to get a rally on Monday, I may aim to sell close to 9.50 (if it gets that high). I think that our descending wedge pattern may have some validity, so if I do get out here, I may look for a buy around that 8.47 W bottom support, if it looks like it will hold.
So the lesson of this trade (and there always has to be a lesson, otherwise we aren't learning, right?) is to plan the trade and TRADE THE PLAN. Take profits (at least partial) when targets get MADE. Looking back at my original analysis when I bought at the beginning of the week, it was bang on. I was looking for 8.80 support to hold on the gap to crap sell-off, and for the price to make a short term reversal. I was looking for a rally to test resistance at 9.80. OMNI bottomed at 8.78 on the sell-off (my buy was at 8.86). The next day OMNI rallied to a high of 9.78, giving a very healhy 10% 1-day return. As a short term trade I *should have* entered a limit sell near my target when I entered the trade (or at least the next day when it was rallying). Instead I did nothing and have been watching the price action reactively since. It really is as important in trading to know when to sell as it is to know when to buy (often even more important!!) I know I need to work on this. So if I get out of this trade with a break-even and a lesson learned, I won't be too disappointed. :'(
Again, Melf, thanks for your help on this one, being able to discuss trading situations such as this and get clear honest insights is indeed what makes this community great.
Scotsman
Quote from: ScottishTrader on November 12, 2006, 11:47:01 AM
So the lesson of this trade (and there always has to be a lesson, otherwise we aren't learning, right?)
Scotsman,
Right!
Quote
I know I need to work on this. So if I get out of this trade with a break-even and a lesson learned, I won't be too disappointed. :'(
That's the important thing. Take reasonable losses if you have to, or abandon a trade if that's appropriate. Just don't get hurt too badly on any trade. Have a plan, as you said, and if it isn't working, get out of the trade.
De-persoanlize trading, and view it as strictly a business decision. "I'm not getting the performance that I expected for the risk that I am taking...I'm selling it."
Next!
Quote
Again, Melf, thanks for your help on this one, being able to discuss trading situations such as this and get clear honest insights is indeed what makes this community great.
You're more than welcome, Scotsman, and thank you for sharing your experiences so openly, and so honestly. It isn't easy to do that "in public," and I admire you for it. I totally agree with you about how helpful it is to have ongoing discussions in these folders with other members of the community.
Best of luck with this trade, and with all of your trades.
sold OMNI @ 8.78. looked to be moving down below support. Loss on the trade - about 1%. Of course OMNI is now printing 8.9 and may rally back to 9.5, who knows ???
hi there ! With OMNI don't forget that apart from trading you have to keep your eye on the movement of OIH and Crude Oil as well.
I am long for now but only for a quick pop
breaking out ;D
currently at $9.40
to me it looks like we won't get a bo on OMNI until it breaches 9.50, which it may do....
next week me thinks (hopes)
GLTA...Jody
Well there was our 9.50 breakout!! Picked up some at 9.92, yesterday. I'm just sure that's a nice inverse H&S formation. The only thing I can't figure out is whether to use horizontal resistance at 9.81-84 as the neckline, or the ascending line as the neckline, which admittedly looks to be a better fit, i.e. with perfect tags, but then the right shoulder breqakout comes in around $11 right now. The right shoulder is also quite a bit wider than the left one, I'm not sure whether that is of major significance. Anyway, as I see it, despite some negative action today, OMNI held above $10 which bodes well. Resistance @ 10.50, support comes in @ 9.87 and below that, 9.50 area.
Looks good so far...
OMNI looks set for a rebound, provided it can move into the gap sitting just above. Way oversold, but indicators are all pointing up. Oil services have been getting killed as oil has crashed through the floor, but as OMNI management have stated, their order backlog remains strong and they anticipate strong revenue and earnings growth though 07 as they continue to execute their growth through acquisition strategy.
I think this looks to be a good value play right here, and am long for a bit at $8.10
Well in case anyone is interested, OMNI had a nice day today, finally producing a nice white candle into the overhead gap. There is still quite a bit of resistance to get through here, including 8.68-70 resistance, the bottom of that gap at 8.78, the 200MA at 8.72, the 9-9.10 base of November and december's trading, the 50SMA at 9.50, and finally horizontal resistance at 9.72. But if it can beat tall that it'll be home free! :P
But seriously folks, I think that OMNI has been way oversold and is actually a solid rebound play here. Sure, oil has been in a tailspin, but there has been a lot of talk lately about "now's the time to get back into oil stocks while they're cheap. Plus Schlumberger, which has just faced exactly the same downhill momentum in the last month, reported very strong revs and earnings on Friday, and said that they see the oil services sector as having very strong growth for at least the next decade. I expect OMNI to echo this sentiment when they report.
http://yahoo.businessweek.com/investor/content/jan2007/pi20070119_421149.htm (http://yahoo.businessweek.com/investor/content/jan2007/pi20070119_421149.htm)
The fact is that while oil may have come down, and fears of a global oil shortage are allayed in the short term, the oil companies are needing to spend more money on drilling, exploration and environmental services. Oil services companies such as OMNI will continue to be in strong demand as oil companies source new reserves. OMNI has also been expanding its environmental services division, with the acquisition of Charles Holston:
http://biz.yahoo.com/prnews/070122/dam024.html?.v=80 (http://biz.yahoo.com/prnews/070122/dam024.html?.v=80)
Which should add directly to the top and bottom line. Quarterly earnings growth is accelerating, having earned .27 last Q, analysts are expecting .50 for the december quarter and 1.10 for the year. That gives OMNI a P/E of 7.7, which seems pretty cheap to me, and they are anticipating 96M in revs for 06 and 150M in revs for 07, and this is for a company with a 133M market cap. Compare that the industry average P/E of 17.6, and include the fact that OMNI is growing rapidly, and I think that this stock has serious value.
Anyway, I'm not too hot on the fundamental side of analysis, but this looks pretty good to me.
Quote from: ScottishTrader on January 23, 2007, 08:03:05 PM
Well in case anyone is interested, OMNI had a nice day today, finally producing a nice white candle into the overhead gap. There is still quite a bit of resistance to get through here, including 8.68-70 resistance, the bottom of that gap at 8.78, the 200MA at 8.72, the 9-9.10 base of November and december's trading, the 50SMA at 9.50, and finally horizontal resistance at 9.72. But if it can beat tall that it'll be home free! :P
Scotsman,
Nice job.
My first thought was, "If we're talking about all of that resistance, maybe we ought to be talking about
shorting OMNI."
The first of the year, OMNI broke below your 9.72-9.73, breaking the neckline of a H&S Top, putting 7.65 IN PLAY.
Math:
Head - 11.81
Neckline: 9.73 (I always use the more conservative of the 9.72 - 9.73)
11.81 - 9.73 = 2.08 points. 9.73 - 2.08 = Target: 7.65
Quote
there has been a lot of talk lately about "now's the time to get back into oil stocks while they're cheap.
Yes, I've been hearing that for several weeks, too, but when a stock breaks a pattern like OMNI did at 9.73 - 9.72 just a few weeks ago, we might want to remember that "cheap can get cheaper" before a bottom is in.
After that neckline broke, OMNI found horizontal support at 8.68, near the November 8.70 low, and just above its 200DMA.
At that point, it looked good for at least a re-test of the broken neckline at 9.73-9.72, and also looked like it might form another Right Shoulder, for a DOUBLE H&S Top (there are two necklines at this point, and two Left Shoulders).
Let's see what happened. Next post.
Instead of a rally to re-test 9.73 - 9.72 resistance, OMNI gapped down below 8.70 - 8.68 support.
Quote from: Melf Elf on January 24, 2007, 07:31:52 AM
The first of the year, OMNI broke below your 9.72-9.73, breaking the neckline of a H&S Top, putting 7.65 IN PLAY.
7.65 got MADE, confirming the bearishness of the break of 9.73 - 9.72 support.
OMNI currently is at a re-test of broken 8.70 - 8.68 resistance, as you mentioned, and also just below its 200DMA.
"Sell, and/or sell short, breaks of support (8.70 - 8.68. Short re-tests of broken support."
OMNI could run back above the broken neckline here, in which case it would be neutral, but I'd have to say that the Bears are favored here.
5.56 is IN PLAY, as long as OMNI trades below 8.68.
Thanks for the analysis Melf. I didn't say it was going to be easy, but I still think the fundamentals may trump the larger technical picture here. In any case, I have an entry of 8.10, so a bit of room to play with now. I will see how it fares with 8.68-70 resistance this week before deciding whether to make an early exit.
Quote from: ScottishTrader on January 24, 2007, 09:18:14 AM
I will see how it fares with 8.68-70 resistance this week before deciding whether to make an early exit.
Scotsman,
The high at 9:34AM was at
8.68 resistance
exactly, then it's come off some from there.
Good luck!
OMNI is right back up there again - just printed 8.69, but the wall is sitting at 8.70 now. Still, I think it looks strong, it may just need a few pushes to get through.
Quote from: ScottishTrader on January 24, 2007, 02:36:36 PM
OMNI is right back up there again - just printed 8.69, but the wall is sitting at 8.70 now. Still, I think it looks strong, it may just need a few pushes to get through.
Scotsman,
Well, now you've got a high of 8.73, and it's now at 8.71. That would be nice if it could stick a close right there, at 8.71, just above 8.68-8.70 resistance.
That at least would give the shorts some pause, and might scare a few off. They want "former support to BE resistance."
Well we didn't quite get it, it closed bang on 8.68. However, I'm not selling yet, I think OMNI may still have more in the tank. It pierced that 8.68-8.70 resistance and tagged the 200MA, but there's no doubt that it might have some trouble here, but as you can see, OMNI is riding with the overall oil index. So if the oil index continues to climb, OMNI should benefit. However the OIX is also hitting some pretty serious resistance at 640 too at 640. Tough one to call, maybe I shoulda taken a bit off the table. Maybe tomorrow I'll see what the action brings...
Quote from: ScottishTrader on January 24, 2007, 04:53:19 PM
So if the oil index continues to climb, OMNI should benefit. However the OIX is also hitting some pretty serious resistance at 640 too at 640. Tough one to call, maybe I shoulda taken a bit off the table. Maybe tomorrow I'll see what the action brings...
Scotsman,
I've got a stock for you to short, but no fair looking at the chart below until
after you've read this.
The symbol is INMO, by the way, but no looking yet.
1. It broke out of a Bullish Inverse H&S and the target MADE.
2. It went up to next horizontal resistance, looked like it was putting in another neckline, but didn't bother to put in a Right Shoulder. It exploded to the upside.
3. It has come back to that second neckline, filled the Breakaway gap, and closed smack on the breakout yesterday.
4. Beneath that, it's got at least FOUR levels of support.
The chart looks pretty good, I admit, but I think that we should ignore the bullish breakout and
short it because INMO is in the
widget business, and I don't think that
widgets are going to do anything this year.
What do you think? ???
hahaha I get your point Melf. But you ain't gonna get me to sell until the chart tells me to. Putting the chart upside down, if I was long INMO right now I'd be real worried it was about to bust through support.
Maybe I'm foolish, but I want to see whether it has the strength today to make new highs above 8.74.
Quote from: ScottishTrader on January 25, 2007, 09:03:16 AM
hahaha I get your point Melf.
Scotsman,
I thought you'd enjoy that. :D
Quote
But you ain't gonna get me to sell until the chart tells me to.
I would never want to get you to buy or sell.
I only want you to understand that the basic principles of trading. At yesterday's close right at resistance, so being long is a low percentage play, and isn't favored.
"Could" OMNI rally? Of course.
But, there's a reason that we're taught about support and resistance. Making a long play
against FOUR levels of immediate overhead resistance "could" be a winner, but it's likely to take some time, for one thing.
What is your Impatient Demon going to do if OMNI does a lot of "backing and filling," going nowhere? In the long-term, you could end up "being right," but if you were feeling impatient about holding XING, how long are you going to be patient in this trade against the trend?
And, if you do end up "being right" about OMNI and about the price of oil, your "Ego Demon" is going to get stroked, which will reinforce making low percentage plays against trends, that aren't favored to win
over time. It's akin to so many other problems that we face in the market, like "Doubling Down On A Loser." Getting rewarded for doing that is one of the worst things that can happen to someone, in my view, because it's just about a guaranteed road to The Poor House, if we regularly employ that as a market strategy.
Quote
Putting the chart upside down, if I was long INMO right now I'd be real worried it was about to bust through support.
Of course you would, because that's "gut check" time when a stock re-tests a breakout. But,
over time, after a stock breaks out to the upside, "former resistance WILL BE support," percentage wise.
[quote
Maybe I'm foolish, but I want to see whether it has the strength today to make new highs above 8.74.
[/quote]
Not foolish at all. We're learning, and we always will be. As you know, my trades sure don't always work out, but it has helped me a lot to play
with the trend, so I wanted to share that.
Best of luck on this one!
Well, I'm glad that I was rewarded for my persistance, as OMNI bust through 8.74 resistance on Friday and pushed up to hit the next $9 resistance level (high was 8.95). I'm not saying its out of the woods yet, but Friday's move certainly suggests that OMNI has some bull strength here. If it can break above $9 that would put it back into the trading rage it was in back in October and November, and I would anticipate some consolidation in the 9-9.75 area. However, the difference between now and November is that we are on the verge of a very solid earnings announcement, and it is more clear that OMNI should see significant revenue growth in 2007 through their recent acquisitions. My short term target continues to be 9.70.
Technically, the RSI, MACD and CCI are all looking good. Also, during previous moves, the 9ema looks to have supported these moves, so it may be worth keeping an eye ou for a close below this. Having a look at the 30min chart, the reversal bottom at the beginning of january formed an inverse H&S, with an 8.15 neckline and a target of 9.10 (bottom of he H&S was 7.20). It also shows potential short term upside resistance at 9.17 and at 9.73. Hopefully we will see that target (and possibly more?) achieved this week.
I still think OMNI has the power ;D
Inverse H&S target of 9.10 MADE this morning. OMNI managed to break into 9.00 range with relative ease this morning. I'm waiting to see whether it can hold it today
Quote from: ScottishTrader on January 29, 2007, 10:16:09 AM
Inverse H&S target of 9.10 MADE this morning. OMNI managed to break into 9.00 range with relative ease this morning. I'm waiting to see whether it can hold it today
Scotsman,
Very nice! Applause.
Interesting fractal behavior (repeating patterns) in OMNI, with the H&S Tops and Bottoms. Here's another Inverse H&S Bottom in the Hourly Chart.
The Left Shoulder highs are 9.17 and 9.18. This morning's high is 9.19, establishing the neckline on the right side of the pattern.
It would look real nice if OMNI now would go down and put in the Right Shoulder ABOVE 8.68 - 8.70. That also would establish that "former resistance is now support."
If that should play it, this pattern would measure to about 10.18, right at the top of stacked resistance.
It's a lot to ask for, given that this pattern in the hourly chart is much, much weaker than is the DOUBLE H&S Top in the daily chart, but OMNI at least would have established a foundation from which to launch the attack if can form and complete this pattern.
If OMNI bids directly for 9.48 - 9.51 DOUBLE resistance (50DMA and 50% Fibonacci Retracement), that hind of "jam job" rally usually has difficulty succeeding because there will have been no base building at all.
Good luck!
OMNI update:
After topping out at 9.18 resistance yesterday, OMNI has been pulling back a bit, and is currently sitting at 8.89 as of eod today. Having a look at the 30min chart, it looks like the price is sitting right at the base of the ascending channel that it has been traversing since it bottomed at 7.20 earlier this month. I would like to see OMNI rally from here but if it breaks down from this channel, I would expect key 8.68 support to hold.
Melf has made a fair case for being careful about going long into a situation like this with a lot of overhead resistance, and I think this is a reasonable point. At the moment I'm considering selling a break of this channel, and either looking to buy back around 8.70 if it bases there, or waiting for a break of 9.18 resistance, possibly with a buy sop at 9.20 to protect profits and catch the breakout. But to be honest, its a "save a couple percent or lose a couple percent" srategy really, so it may be better to just hold on if it pulls back some, and set my stop below 8.68. I consider this a stock with a huge amount of potential, and I'd like it to be a long term holding
OMNI haven't announced when their earnings will be released yet, but I expect them to be strong, and this should give a better outlook as to how the company will procede going forward. They are still continuing with their aggressive acquisition strategy, having just announced the purchase of seismic drilling assets from Cypress Consulting services for $10.1M, which includes an order backlog of $20M, further expanding their workforce and ability to generate revenues. There is no question that OMNI is growing rapidly - they have gone from $11M in revs in Dec 05 to 26.6M in Revs in the last Q. Analysts estimates are for revs of around $26M for this Q, but with more recent acquisitions gaining traction, I think there is room for significant upside surprise here. So far they have earned .62 this year, assuming no growth in EPS from last Q (which was .27), we would get a total EPS of .89 for 06. At $9 a share this represents a P/E of 10.1, vs. an industry average of 16.6. So on an earnings metric alone, OMNI is 60% undervalued. Its current P/S ratio is low at 1.64 vs an industry average of around 2, and it is growing at a phenomenal rate. Last year they earned total revenues of $43M. So far this year (in the first 3 quarters) they have earned over $70M. I would expect to see $100M+ revs for 06, which would represent 130% annual revenue growth over last year. And clearly they are putting to pieces in place (through acquisitions) to continue this trend.
OK I'll stop now, clearly I'm bullish on OMNI, and maybe I will work this one as a "David" style trade.
Oh and one more thing, when we talk about trend trading, its always worth having a look at the long term charts. Below is the 1 yr daily and the 2 yr weekly semi-log charts. The long term trend for OMNI is clearly up. In fact, if the 2 year chart was a daily chart, I'd be all over that 7.20 bounce off MAJOR long term support. Both charts suggest that the last 6 months or so have been a consolidation of the previous 18 months enormous gains ( I remember trading OMNI badly last October 05 when it was trading between $2 and $4). The 1 year chart looks like OMNI has spent the last 6 months buliding a large symmetrical triangle.
Putting it in this perspective, the real test will be around $11. If it breaks out above this level, and then above $12, it should start a major run well into the mid to high teens. If they earn .96 this year (pretty likely), an industry average P/E of 16.6 would mean a fair value of $15.95 per share. A solid earnings announcement could get us well on the way to this level.
Oh and one more thing, watch the OIH (Oils services indeax) and the $OIX (Oil Index). The OIX is absolutley chomping to break 640 - after pulling back at the first attempt, it put in a strong candle today, and looks ready to go tomorrow. The OIH also hast been testing (and closed above) key resistance at 135, though it really needs to get above 137. If these both move up this week, it will bring OMNI up with it.
And finally, my apologies for so many charts, I think I got a bit carried away.... ;)
Quote from: ScottishTrader on January 30, 2007, 08:14:42 PM
Oh and one more thing, when we talk about trend trading, its always worth having a look at the long term charts. Below is the 1 yr daily and the 2 yr weekly semi-log charts. The long term trend for OMNI is clearly up.
Scotsman,
You've now got me obsessing on OMNI. I've been studying it for about 2 hours. :D
That semi-log chart is so-o interesting.
Quote
In fact, if the 2 year chart was a daily chart, I'd be all over that 7.20 bounce off MAJOR long term support.
I'll tell you what else we're
definitely going to be all over, is if ever we see anything get printed that is remotely close to the H&S Top target of 5.56 that is IN PLAY here in the daily chart (currently ON HOLD, as long as OMNI trades above 8.68).
You'll see why in the next post, on your weekly semi-log chart.
Meanwhile, shorter-term, you've got the possibility of a Bullish Inverse H&S breakout above the 9.18 - 9.19 neckline, as you are aware. Both shoulders are "skimpy," (not very wide) though, so it's a weak pattern, but as long as 8.68 - 8.70 holds up, it's got a chance.
It needs to do it almost immediately, though, because a Right Shoulder shouldn't be wider than the Left Shoulder, and they'll be about equal today (three days of trading in each shoulder).
If OMNI doesn't knock out that 9.18 - 9.19 neckline by tomorrow, the Bullish Inverse H&S probably isn't what's going on.
Quote
Both charts suggest that the last 6 months or so have been a consolidation of the previous 18 months enormous gains ( I remember trading OMNI badly last October 05 when it was trading between $2 and $4). The 1 year chart looks like OMNI has spent the last 6 months buliding a large symmetrical triangle.
Right.
Quote
Putting it in this perspective, the real test will be around $11.
Right.
Quote
If it breaks out above this level, and then above $12, it should start a major run well into the mid to high teens.
Right.
Quote
If they earn .96 this year (pretty likely), an industry average P/E of 16.6 would mean a fair value of $15.95 per share. A solid earnings announcement could get us well on the way to this level.
Thanks for that work on the fundamentals.
Quote
And finally, my apologies for so many charts, I think I got a bit carried away.... ;)
If you had a scroll bar, like I do, it would be difficult to view more than one chart per post, but yours were great! Very easy to read.
Okay, I can't wait to show you the semi-log chart, and to tell you why we're going to do a "'Mon back" if ever we see 5.56, or anything close to that, get printed.
:D >:D
Scotsman,
1. Why can't today be April 6. 2006, when OMNI broke out above 4.94 ... 4.98 ... 4.94, and into the 5.00s?
CURSES!! :D >:D
2. You're quite right about this being a Symmetrical Triangle since July, 2006, and given that the breakout above 4.94 - 4.98 was out of a solid 1½ year base, we should be thinking "bullish continuation pattern."
3. Within this Symmetrical Triangle, we've had a bunch of other patterns in the Daily Chart.
a. The Double Top that put 6.54 IN PLAY, which MADE within nine cents. The low was 6.63.
b. The Bear Flag that put 8.10 IN PLAY and 7.12 IN PLAY. Both targets MADE.
c. The Bullish Wolfe Wave off the "Double Fakeout" at the September low. The Target MADE October 21.
d. The H&S Top that broke January 3, below 9.72 - 9.73 neckline. The 7.65 target MADE. The low was 7.20.
e. The larger H&S Top (with No Right Shoulder) that broke below 8.68 - 8.70, that put 5.56 IN PLAY.
Given all of that morphing within the context of this Symmetrical Triangle (in green) on the weekly chart, "what if" 5.56 gets MADE?
What does that do to the WEEKLY chart, and to the longer-term trend? ??? ::)
It would cause the Symmetrical Triangle to morph into a Bull Flag, and 5.56 would be an exact .618 Fibonacci Retracement of the rally from 1.21 to 12.60.
If that should eventuate, and if 5.56 holds, the longer-term trend still is bullish since it would be well above the 4.94-4.98 breakout.
If that should eventuate, we're also backing up the truck at 5.56. :D
Great work Melf and Scottishtrader!! Applaud both!!
So melf, if 9.18 does not get made soon would you tempt the short for some downside target?!?! Seems risky with the solid fundimentals, and the energy sector picking up, but we are due for some sort of correction it seems... Hmmm Will keep watching.
Cheers Joe
Melf was talking about a potential weak inverse H&S on OMNI, which is a possibility here.
What I see is a break of the recent ascending trendline that has been supporting this move from 7.20. This has morphed into a (a)symmetric triangle consolidation. I think today we sould find out which way OMNI wants to go, as it breaks out of this triangle one way or the other. Tragets for the triangle would eiher be 8.40 to the downside or 9.30 to the upside.
Make you mind up time OMNI....
Well OMNI didn't really do much yesterday, but today it did. Broke the descending triangle to the upside and pushed back up to that 9.17-9.20 resistance, forming a small ascending triangle on the intraday. I was a little disappointed that it couldn't do it today, but OMNI looks set to break above 9.20 next week.
Looks like its putting in your right shoulder Melf. :)
Quote from: ScottishTrader on February 02, 2007, 04:52:54 PM
Well OMNI didn't really do much yesterday, but today it did. Broke the descending triangle to the upside and pushed back up to that 9.17-9.20 resistance, forming a small ascending triangle on the intraday. I was a little disappointed that it couldn't do it today, but OMNI looks set to break above 9.20 next week.
Scotsman,
Right.
What I very much like about that little Ascending Triangle, is that after the "straight-up" rally from 7.20 to 9.19, OMNI stopped both to take a breather, and to form your little Ascending Triangle pattern, before mounting an assault above next resistance, at 9.18...9.19...9.20.
It would seem that the trading range is so tightly compressed, between 8.77 and 9.20, because:
1. It didn't want to break back below KEY 8.68 - 8.70 ("Former resistance has become support"), which would have looked lousy.
2. It needed to build some strength, before taking out this next resistance at 9.18...9.19...9.20.
Quote
Looks like its putting in your right shoulder Melf. :)
It did for awhile, but I think we have to throw that out the window because this Right Shoulder now is of five days' duration, and the Left Shoulder was only of three days' duration.
The Right Shoulder should be narrower in width, or equal in width, to the Left Shoulder. Preferably, narrower.
No, I think it's your Ascending Triangle. A breakout above it would put
9.19 IN PLAY.EDIT: 9.61 IN PLAY
Math for the Ascending Triangle:
9.19 - (I always use the more consevative of the 9.19 and 9.20 highs, but it's fine to
use 9.20. I don't like to over-estimate)
8.77 - low
9.19 - 8.77 = 0.42 Points + 9.19 = Target: 9.61.
On the way to 9.61, though, there's resistance at the 50DMA, currently at 9.456, and this is a rally against a 3-month top, so you might want to keep that in mind.
Rallies against the trend are less likely to get MADE.
Good luck! I hope that you get the breakout. You're doing a very nice job with this. Applause.
"OMNI" Threads have been Merged.
Please use the search before starting new threads on a Stock Pick.
Chances are a thread already exist.
So why not post whatever you have to comment about on that pick to that thread.
"Simplicity" My fellow traders. ;D
All history on a stock pick in 1 thread is awesome. ;)
Just trying to get threads together,so we don't have a numerous amount floating around on the same stock. :(
Thank You....and good luck with all your trades....make some $$$ ;)
OMNI still chomping at the bit to make that break of 9.18-20 resistance. I can feel it coming... This afternoon's trading felt like it was just being held back, in fact it closed at 9.33 after hours. Tomorrow we'll see if OMNI has legs to get going.
Well, OMNI jumped up above that resistance on Wednesday, but the strength just wasn't there, and it spent the rest of the day (and yesterday) acting very weak, before a capitulation spike low yesterday, all the way down to 8.57. I'm not sure but it felt a bit like MM running the stops on a low volume day (in the end volume was actually ot so low). My stop got nailed at 8.64, for a 6.6% gain on the trade. Bummer. OMNI rallied in the afternoon to put in a hammer on the daily chart, but I still was disappointed to see such weak action after it was chomping to break out earlier in the week. Looks like I'm gonna have to watch this one from the sidelines for now, although if we get that breakout above 9.20, I may look for a re-entry. I still like OMNI fundamentally and think we should see some positive movement over the coming months.
I haven't updated on OMNI in a little while, but as per a request here is my current take:
After that little upside fakeout above 9.20 resistance, OMNI sold off finally finding support at 8.15, which was gap support from early January. Unfortunately I missid this very nice buying opportunity as I was out of the country, but hey, you can't catch them all. On Monday, OMNI made a key breakout above 9.20 resistance and looked all set to go. My target on that ascending triangle breakout would have been 11.20. However, yesterday's market crash pulled OMNI back and put that breakout on hold, as OMNI closed back below 9.20. Right now its really quite hard to decide what to do. I still think that OMNI is in a bullish position, and it *wants* to break out, but if the whole market starts sinking, it will take everything with it, breakout candidates and all. Still, OMNI did not exhibit the kind of sell-off a lot od other stocks witnessed, and the pattern still looks good.
I think I would see this sell-off as a buying opportunity here, and if I can snatch some around 8.60 I would. However, with a second day of general market bearishness looming, anything could happen, but it would be nice if OMNI didn't break down out of the ascending pattern.
bought OMNI @ 8.95 this morning. Boy does it feel dangerous to be buying stocks given the current market situation, but overall, the market appears steady right now, and OMNI made a nice little rally after that early dip. Currently BID 9.15 ASK 9.17
Well in case anybody missed it (or is even interested - I seem to be the only on here who likes this stock ???) OMNI made a major break out today, after providing very strong guidance for 07:
QuoteRevenues Expected to Increase More Than 80% and Reach $175 Million; Excluding Tax Benefits, Net Income May Increase 70% to Exceed $17 Million; EBITDA Could Increase More Than 60% to Exceed $40 Million
http://biz.yahoo.com/prnews/070308/dath027.html?.v=90 (http://biz.yahoo.com/prnews/070308/dath027.html?.v=90)
This looks to be the beginning of what I had anticipated as a major move in this stock. As I mentioned, I bought back in last week at 8.95, and added some more when it pulled back to 8.50 (giving me an average entry of 8.80 for this trade). Earnings should be out next week, and they have already given a fairly good indication of what they are going to look like. What will be very interesting to see is whether OMNI can break out of the symmetrical it has formed since June of last year that can be seen on the 1 year chart. I put the symmetrical triangle resistance coming in at $11, and with a $6 range, would put a target of $17 in play. Right now I anticipate holding onto this one for a while and letting this pattern play out. I wouldn't be surprised to see it hit $11 next week.
Scottish...........your not alone.
This is looking good, have played this one many times before, will look for entry possibly the next 2 days.................
Mr Fous eyeing this one as well. Applauds on keeping up with this scottish :)
I traded this last june, entered around $7 price went to $9, jumped all over the place and i get stopped out in the high 7's. week later it sky rockets above $12. Man that was annoying. OMNI owes me money and i intend to get payback someday >:D
In case you're interested in why the 07 net income numbers seem low, this thread from yahoo does a good job to explain:
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_O/threadview?m=te&bn=13352&tid=66532&mid=66532&tof=7&frt=2#66532 (http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_O/threadview?m=te&bn=13352&tid=66532&mid=66532&tof=7&frt=2#66532)
OMNI took a day of consolidating Thursday's gain on Friday, but held up above 9.90 support. I think this bodes well for next week, and anticipate further accumulation ahead of their earnigns report. They still haven't set a date for it yet, but as far as my memory serves me, OMNI have a habit of surprising the market with their ER's, often simply releasing them without prior warning, and sometimes intraday, like they did with their 07 guidance.
Technically, Thursday's breakout remains significant, and I think this will start the run that sees OMNI break out of the large symmetrical triangle pattern over the coming months as the stock moves to reach fair value and gains further market exposure.
ScottishTrader,
Thank you for the recent update on OMNI, it looks very promising. I made an investment today; I felt it was necessary to get on-board before an unscheduled ER is announced. If the Q4 earnings surprise we could see another nice pop in the PPS.
Looking at the chart, I think this gem is only in the early stages of warming up!
Cheers,
Quote from: ScottishTrader on March 11, 2007, 11:23:27 AM
OMNI took a day of consolidating Thursday's gain on Friday, but held up above 9.90 support.
Nibbled a little @ $9.55 for a low risk trade. Closed at about the half the BWC from the previous b.o.
GLTA...Jody
OMNI broke down from an ascending triangle on the 30 minute chart yesterday, having failed at 10.60 resistance. Looks like it could continue with its range-bound movement. I'd like to see 10.05 support hold here, but below that there is also support at 9.88-90. Obviously a retrace and break of 9.50 would be pretty bearish for OMNI. I don't think the fundamentals warrant it, but, as we know, the market can play some nasty tricks....
Quote from: ScottishTrader on March 31, 2007, 07:41:32 AM
...but, as we know, the market can play some nasty tricks....
And I usually fall for them too!
...bastards!
Powerful move forming IMHO! Im in at $9.95............
yep, I missed it while it wa basing, I think now I wqould like to see a break of 10.25 to get long. I still think OMNI is undervalued, and has tremendous potential going forward, but the way in which it totaly stalled and then fell apart last month makes me tread cautiously here.
My OMNI chart below shows breakout of a bullish flag that formed over the past 10 months. A bear might see it as a double-top at 11.50. Worth the risk I think to buy now at $11 or in the mid-high 10's and see what transpires. They raised guidance for 07 last week: http://biz.yahoo.com/ap/070517/omni_energy_outlook.html?.v=1
Well the bear case is right out the window - OMNI just made a major break out today above recent resistance at 11.60, punching and closing in the $12 range. I think we could see a test of all-time highs at 12.60 this week - if not a break above there. I've been bullish on OMNI for a long time, fundamentally the are a sound company, rapidly growing revs and earnings, and raising their estimates. Technically, that is now bearing fruit. As Lucas mentioned, OMNI broke out of a large symmetric triangle a couple weeks ago and after re-tesing support at 10.50 we are seeing strong continuation from that breakout. Today's move may also be on the back of a mention by Barron's over the weekend. Whatever the case, I like the look of OMNI even more on both the short and long term time frames - keep an eye on a re-test of 11.60 resistance for entry.
Nice........... run should continue for awhile............She has a shot and $15 IMHO.........
OMNI is reaching its 2 year resistance at about 12.50 with an ascending triangle should break out soon. I got in the Nov 12.50 calls >:D
OMNI on SALE
Scotsman you buying here? I have not reaserched the fundementals? has anything gone south? Are the big buyers worried that OMNI gould be negetively effected by hurricanes? seems like that could bring them more business... hmmmm
Somewhere back in these pages Melf ELF thought that if OMNI tested support at 5.60 that would be a gift... HMM
I am still on the sidelines watching this one... tempted to start a pos here around 7 I will probably wait for a bottom to be established..
cheers joe
We may see 5.60 on Omni soon?? Anyone keeping up with the fundys?
6.60 seems like a bargain if you have time to sit on it for a while.
cheers joe
updated chart look...
Nothing in a year,
That's how dead this place is! :(
updated chart look...