3SOF

Up 21% today, lovely chart.

I'm diving in 5000 shares @ 2.80javascript:void(0);
Grin

Thank you aussietrader!  I love this place.  I am in at 2.55. 

Learning alot!

Where do you guys see this going...what is a good exit?

Well it's never seen such volume in its history, and the price has not been this high since 1999. $4 area is a high from longer ago still. Basically it is blue sky area, let the chart tell you when to get out.I haven't had time to look at what if anything is happening nwes wise to cause such momentum. BTW I don't have a position in this one.
Mike

How much more legs you think this has?

Normally I would shy away from this one, but oil doesn't seem to want to quit.  It's pushing $61/brl now and MPET has had a few days to come back to reality after an aggressive momo run.  Technically the chart has consolodated nicely back to it's key 13 day MA.  Right now trading at 2.60 which I feel is a decent risk level given the continuing oil sector momo.  As much as traders would want to see MPET and other oil services companies retrace further, the oil momo will not let it.  MPET has also shown it's willingness to run when oil prices hit unexpected levels.  So let's light this candle.

Buying at $2.60.  Stop set at $2.45.
/Bula

hi,
Since you're so hot on oil stocks, what do you think about MPET.
They are searching for oil in Australia and the chart seems to consolidate at the 2,5-2,6 range with a bottom on 2,5 for the last 4 days, which is a 50% Fibonacci retracement level.

Opinions?
 
GRRrrr for whatever reason i can't  ad a 'stockchart.com chart' anymore. Tells me something about wrong extension? This wasn't a problem before? how to solve this?
So here's the link: http://stockcharts.com/def/servlet/SC.web?c=mpet

Getting nice premarket volume this morning.  Could be a breakout day.

Is this stock a buy at these levels??

Technically no.  Not any more.  I'm gonna hold it to see if it can hold on to $2.50.  My avg is now $2.56.  But I would not recommend buying until this breaks back above $2.65 on good volume and shows it'll stay there.  It's gonna bounce hard.  The point is where. My bet is we're darn close now. 

There are also rumblings that MPET will announce a new spud (thats $$ in oil talk) sometime in the current week, but that is only rumor - you know how that goes.   

Bula

It spudded!!! 

Can't really tell you what that means technically but it is good news AND they have not released a PR yet on it.  If they do today, you can make a nice swing trade on this.

See initial PR from June 10, the day the recentmomo run started.  http://biz.yahoo.com/prnews/050610/nyf080.html?.v=13

Now see this pdf announcement from the oil partnership to the Austrailian Stock Exchange today showing it spudded.  http://www.beachpetroleum.com.au/files/reports/asx_releases/2005/144-05%20Drilling%20Report%20Yanerbie%20Spud%2029%20June%2005.pdf

Trade at your own risk, but this is good news for the company and should mean a PR today hopefully.

Bula

I'm still holding MPET very large at $2.56.  Looks like patience is gonna pay off on this one.  Many reasons to speculate on this baby - not to mention oil is $60+, MPET's 2 current drilling prospects with oil possibly in the next few days, and a nice technical break above a tough $2.6 resistance.  If this holds $2.65 or better today, $3 is very likely near term imo.  If their Yanerbie-1 spud gives oil this week or next, it likely hits $5 depending on the level of strike. 

I'm a daytrader, but i'll go for longer plays if the situation is right.  I think this one is a rare opportunity here. 

Trading now at $2.98 in the premarket on excellent volume.  Could be a great day.

up over 10% on very heavy volume premarket.
something is up?

Bigtime money being made on this one now.   ;D  As I predicted here yesterday, this one popped bigtime over $3.  With hurricane Dennis forming in the gulf and news expected in days on the Yanerbie-1 spud oil find, I expect $4+ is not out of the question.   Technicals, hot sector and potential great news .. the ingredients are all here.

My stop is raised to $2.98.  Target $4 - $5 near term.

Bula

Terrific call.  Congratulations. 

You read this like a book  and the last 15 minutes of todays action was a huge spike.

;D ;D ;D

Agreed...great call!  So what happened at the end of the day to spark that rally?  What do you think for tomorrow?  Thx

Bula:

It is a thing of beauty to watch a stock pick rally hard, just according to the way you
called it.  Wow.

You beat that stock like a government mule son, you never missed a lick.  Heck, it even continued the uptrend after the market closed before a small pull back.  Now that is buying power.  Congratulations again.  ;D

Dez

great trade bula!  :o (applaud)  you were all over that and thats always great to read, goodluck with the continuation.  ;)

just as a reminder... but it was me that brought this stock to the boards attention first, but nobody seemed to bother at that time.
http://www.3stocksonfire.org/trading/index.php?topic=1047.0

So please applaud me too :P

What a wonderful day for MPET!

Nice find, Fred! Applause  ;)

I'll attatch chart for today.

Hopefully it'll continue tomorrow - although I'd like to see it drop a bit so I could add a little to my position.

Cheers!

I bought a little bit of this stock today (300 shares @ 3.17).  Glad it finished the way it did!  It's always a thrill to win, regardless of how much.  Even though I'm up only $180 on the stock, at least I know I made a good trade.  I still have it, and hope it goes higher later this week.  Do you think it will?

Jeff

I think its going up.....more.....But that's IMHO.
Let's post that chart with the quote to see that % Gain. ;D
I bought some too... ;)

Applaud Fred

Not to make this a competition Fred, we're all here to make money.  But I brought this one here before you did - check the initial dates again.  Post if you see otherwise.

Still I hope you are making some good $$$.  It's a great play.

bula and fred, applause to you both.  Nice work!  :)

I sold at 3.76 today after buying at 3.17 yesterday.  Do you think I should buy back in later today?  Do you think this will go back north of $4 anytime soon, or will it stay in the mid 3's?  Any opinions?

Thanks,
Jeff

Man, what a bombing can do to the technicals.  So many buys and sells this morning totally unrelated to the recent momo and that screws with the indicators - I hate when that happens.  But I did get some added shares at $3.35 in the premarket which wasn't too bad.   The technicals are a hard read though with the bogus "bomb reaction" trades.  HOWEVER....

I still feel with Hurricane Dennis brewing and the ever anticipated results from the Yanerbie drilling, that leaves enough speculative money in the oil markets and MPET to keep it afloat here.  Just look at how the crude prices have bounced right back.  Dennis is a Cat-2 Hurricane now and most likely a Cat-3 tomorrow.  Crude will spike to $64 if the gulf takes a hard hit.   MPET will surely benefit.

If you're out and waiting, MPET is probably not a clear buy at $3.55.  But if it passes $3.8 on volume, that's the buy signal that will bring the momo players right back to take this to $4.2+.  I'm betting that's what will occur.  One more good pop, maybe even a news pop on Yanerbie results, then it'll retrace.  But MPET is not done yet.

I'm holding my original position for the ride. 

Stop moved to $3.25

Bula

I bought end of day Friday with the pullback.

A buy and hold, IMO.

I added on Friday's pulled back too. Original buy-in was 1.60, now I have a cost basis of 2.48.

After sideway trading since July15, MPET may breakout $3.18 resistance.

Currently, it is traded at $3.10 - .21 (7.27%) up from yesterday's closing price.

http://stockcharts.com/gallery/?mpet

Could anyone give me any comment?

I bought back in today on this break and now own considerable shares at 3.03 (current price right now).  I think crude is getting ready to make another run and MPET has consolodated long enough.  Also there is pending good news on Northern Petrolium's Isle or Wright activities - they're MPET's drilling partner - with huge reserves possible. 

Although I would have liked to see a further retracement under $2.75, it just looks like the whole sector is about to pop.  Next week should be very interesting to watch.  I expect MPET will see new highs by the close today ($3.20+) setting up a great run for next week.

Good luck,
Bula

MPET finished at $3.05. It is over 10 DMA ($3.01) and 20 DMA ($2.91).
During last consolidation (June 21-Juy 1), MPET cleared both MA on July 5 ($2.67).
With 2 day rally, MPET recorded 52 week high ($4.16) on July 7.

http://stockcharts.com/gallery/?mpet

Could anyone evaluate MPET's chart? I have no knowledge about charting.

As bula said, crude oil finished strongly at $58.65 - 1.52 up.
It may be a sign of rebound to $60+ after bearish trend
since July 13.

http://futures.tradingcharts.com/chart/CO/95

Some data says .95 up from July 21. Some data says 1.52 up.
It was caused by August future's expiration. Now we are talkiing about
September future. Do anyone know which date is expiratation of
oil future every month? Please advise me.

Someone advised me to visit the following site to evaluate MPET's TA.

http://www.stockta.com/

Enter symbol MPET.

It looks good for possible breakout with strong support at $2.93.

on yahoo message board.

Re: MPET CHART
by: davey576
Long-Term Sentiment: Strong Buy 07/22/05 08:43 pm
Msg: 20560 of 20568 
Hi Tracer,

Finally, a decent post from an intelligent guy.

Here's what I see - some of this may be obvious so bear with me.

MPET trades best using the 5 and 20 dma's. MACD is still somewhat bearish, but I think it has bottomed out at these levels and should start turning positive from here. MACD needs to break out of its downtrend to make new highs. Draw a line from the MACD high in mid-June to the beginning of July, and you'll see the downtrend I'm referring to (hope this makes sense).

Volume started to pick up today and should gradually increase. Stochastics are turning up as well, which is a great sign of MPET coming out of oversold.

What I also see is a bullish flag in the formation with resistance somewhere in the $4.10 area. Once we breakout of this area of resistance, we should easily see the $6 range.

My commodities trading system also posted a strong buy signal yesterday right before the close. The system has a winning rate of 75% and has thus far returned over 110% in the past four months. Crude is signalling the start of a major uptrend, which bodes well for MPET and the rest of the O&G plays.

I also have USEY and DESC in my portfolio as new purchases today, but MPET continues to be my biggest holding.

Disclosure: I hold 20,500 of MPET at a cost average price of $3.11.

Oil sector (OIX) recovered and finished on July 22 at $516.08 week high from
$500.32 week low recorded on July 18.

The following chart shows a sign of Oil sector's outperform over Bio Tech sector.

http://finance.yahoo.com/q/bc?s=%5EOIX&t=6m&l=on&z=m&q=l&c=BBH

Biotech sector (BBH) rallied strongly until July 20 from July 1 with a gain of 15%.
Moved from $168.29 July 1 closing to $194.37 July 20's high.

But it pulled back to $189.75 from $194.37 year high recorded on July 20.
It is 2.4% decline.

25 July 2005
Drilling Update

Northern Petroleum Plc ("Northern") announces that it has been advised by British Drilling and Freezing Limited that it has commenced to rig-down its rig no. 28 preparatory to mobilisation of that rig to the Sandhills-2 well-site on the Isle of Wight.

The Sandhills-2 appraisal well is being drilled at a location on licence PEDL 098 about 1km. to the south of the Sandhills-1 well drilled in 1982 by British Gas which logged an oil column in the Great Oolite and from the sidewall cores taken at the time in that formation Northern recovered oil.

Following the drilling of Sandhills-2 the rig will be moved to the Bouldnor Copse-1 well site near Yarmouth on the Isle of Wight to drill a deeper and potentially larger exploration prospect in the Triassic Sherwood Sandstone on licence PEDL 089.

http://northpet.com/news/news-2005/news-25-07-05.html

MPET (Magellan Petroleum) has 22.5% of interest at the Isle of Wight.

as soon as the rig arrives in the Sandhills-2 well-site on the Isle of Wight.

Here is a good comment at Yahoo message board regarding Press Release of Northern Petroleum.

Rig 28 announcement
by: pennystock1949
Long-Term Sentiment: Buy
07/25/05 10:31 am
Msg: 20859 of 20860
 
MPET is not about to post News about a rig being demobilized and being shipped to Sandhills it ISN'T NEWS. Until the rig arrives there really isn't any news to post. I mean it would be like MPET releasing PR saying they put an order in for a RIG for a drill site. I mean that is just not news that would affect the price of stock. Now once the rig gets to Sandhills and is set up and they Spud the well now that is news that needs to be release. Be patient rig doesn't get there till Thurday or Friday 2 days to set it up probably Spud early next week the 30 days to drill the 1st well. So you are talking about needing to sit on this stock for over a month before any news will come out that will cause a major move up in price

The downtrend has been changed to uptrend. $60+ is soon.

http://futures.tradingcharts.com/chart/CO/95

Adding MPET at 2.87 and bought GEOI at 14.66.  OSX.X is near all time highs and crude has retraced nicely.  Most of these babies have also fallen back to their 13 day EMA.  Several tropical storms are brewing in the atlantic after a brief hiatus which should stir things up in the coming days. 

The time is now.  My opinion is momo will build this week and next week will see another hurricane pop in crude on its way to $70 by Sept.

Happy trading everyone,
Bula

Thanks for your good input on these, Bula.  Applause.  Oddly, this morning, I looked at the other two, BDCO and ABLE.

I had a nice trade in BDCO and have been looking to get back in.  It's at important trendline support.  A little while ago, it was at 3.03 BID... 3.07 ASK, but volume was nothing.  Right now, only 68,000 shares traded.  It's too tough to get a decent fill on these thinly traded stocks on any kind of order in size, so I left it alone. 

It's now at 3.08 BID...3.09 ASK.

In addition to being at trendline support, MACD has come down to the signal line, and will turn up here on any rally.  That's usually a good technical confirmation.

Here's the MACD backtest of the signal line, then the chart showing trendline test:

http://ts-lc.sc8.finance.lycos.com/1122477896125?User=demo&Pswd=demo&DataType=GIF&Symbol=NASDAQ:BDCO&Interval=D&Permission=1000&Ht=400&Wd=600&Display=2&Study=MACD&Param1=12&Param2=26&Param3=9&FontSize=10&LocaleID=0x0409

I don't like ABLE here, Bula.  It had an outstanding rally of 984% just since February of this year, but it broke the validated trendline from that low on July 18.

Thanks for the input Melf.  I agree with you comments on ABLE.  Hence, I am not trading that one either.  However, when the sector goes, ABLE will follow -- just not as much.  BDCO somewhat the same.  It moves but I just don't think it trades as well as MPET or GEOI - which for a trader like me, thats all I really want.  Higher probabilities.

MPET I like because it seems to get a higher beta from being a trader darling.  MPET also has pretty clean books too with no debt.  That $2.75 support has been strong as of late and several prime drilling activities are about to start.  PRs on these should be imminent.

GEOI I like for the low float and seems to have regular (and large) swing traders in it that keep the support levels more consistent.  At this level, I can easily see a swing to $20 if crude pops.

Cheers and Good luck,
Bula

The OSX.X (Oil services Index) is flying to new all time highs today.  What a finish.  I grabbed more MPET at 2.76 and now have an avg of 2.85.   MPET intraday is very weak, but that $2.75 has been a great support level so far for 2 weeks.  If it finally busts, we may see a quick drop to the $2.5s.  If it happens i'll be all over that.  If not, it only strengthens the consolodation level further .. coiling the breakout higher.

I really feel oils are setting the table here for a real nice run.
Bula

I agree on not liking ABLE here.  In addition to the technicals, ABLE is a joke fundamentally up here.  It has something like 900%+ dilution at $3 coming with their acquisition of the truck stop company and some financings.  It has traded with oil stocks, but it really shouldn't.  Take a look at the filings and the financials and you'll see that no way is it worth anywhere near where it's trading now.  It does have lots of shorts in it because of this, which has made it spike at times, but at some point ABLE will be a lot lower.

how about ASPN, CHAR? These two stocks are on a tear. Specially ASPN!! I am not sure how far will it go? Since I am not a TA expert, anybody care to comment??

Viking, must applaud(s) you for your call on WPCS and analysis of ABLE

Will be reading your posts with lot more interest in future :)

Thanks, Stocky -- My best call here by far so far though was on CAFEW when I first joined.  In at 1's, taking profit in 4's, rebuy at 2's, out at 10's before the halt, all posted real time in that thread.  Got lucky they didn't halt it while we rode that run.  Biggest winner for me in a while.  My warning on VEXP a couple weeks ago hopefully saved some people, too.

I have and will make mistakes, too (SHLD calls on breakout that failed, ORCT recently), but I try to keep those to a minimum.

Keep an eye on WPCS tomorrow and in the long term...

Pending news was finally released after hour today.
Check the details at the following site.

http://biz.yahoo.com/prnews/050728/nyth187.html?.v=9

Magellan Petroleum Announces Forthcoming United Kingdom Drilling Activity Weald Basin, Onshore Southern England
Thursday July 28, 4:44 pm ET

HARTFORD, Conn., July 28 /PRNewswire-FirstCall/ -- Magellan Petroleum Corporation (Nasdaq: MPET - News) said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on Thursday, July 28, 2005:

                             Announcement to ASX

                 Forthcoming United Kingdom Drilling Activity
                    Weald Basin, Onshore Southern England

The British Drilling and Freezing Limited Rig (BDF) No. 28 is currently mobilizing to the Sandhills-2 drilling site and the well is expected to spud in the next few days.

The story continues.

EOM

VikingFan, did you buy back more after you sold it all @ $9?  I sold half for profit and I'm getting ready to buy dips on its way back up.  ???

As I posted in the "WPCS Input Needed" thread, I bought back a good chunk at 7.2 and 7.12 yesterday.  I didn't sell it all at 9, but I did sell a majority, and then bought back a good portion of that.  I plan to buy more on weakness, but am out of town and unavailable after this morning for over a week.  I'll be holding WPCS for the long term...

UK By OGJ editors

http://ogj.pennnet.com/articles/article_display.cfm?Section=ONART&C=ExplD&ARTICLE_ID=233468&p=7

HOUSTON, July 29 -- A group led by Northern Petroleum PLC will shortly spud the Sandhills-2 well on PEDL 98 on the Isle of Wight in the Weald basin.

The exploratory well is projected to TD 1,270 m to test for oil in the Jurassic Great Oolite formation. British Gas PLC intersected but did not test hydrocarbon shows in the same formation 1 km north in Sandhills-1 in 1982 (OGJ Online, Mar. 2, 2004).

The group includes Northern Petroleum 57.5%, Magellan Petroleum (NT) Pty. Ltd. 22.5%, Oil Quest Resources PLC 7.5%, Black Rock Oil & Gas PLC and Montrose Industries Ltd. 5% each, and Oil & Gas Investments Ltd. 2.5%.


*****************************************************************
Magellan Petroleum Corporation (MPET) holds a 55 %  of Magellan Petroleum Australia Limited,  therefore I must say MPET has a 12.375% interest at the Sandhills-2 well-site on the Isle of Wight.

Northern Petroleum (NOP.L) finished at 16.90 in UK market today.

NOP.L gained 3.57 point (26.78%) in a week after the news about the Isle of
Wight on Monday, July 25.

MPET has a 12.375% interest through its 55-percent-held subsidiary, Magellan Petroleum Australia Limited at the Sandhills-2 well-site on the Isle of Wight.

Sandhills-2 (PEDL 098) licencees are:
Northern Petroleum (GB) Ltd  57.5%
Magellan Petroleum (N.T) Pty Ltd 22.5%
Oil Quest Resources Plc7.5%
Black Rock Resources (UK) Ltd 5.0%
Monrtrose Industries 5.0%
Oil and Gas Investments Ltd 2.5%

MPET will be the next.

Price target is $4.16 year high from current level at $2.88.

Northern Petroleum issued the press release today. Once MPET releases the same PR, stock price will be higher immediately.

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1045687&source=RNS

Company   Northern Petroleum PLC
TIDM NOP
Headline Commencement of Drilling
Released    09:17 01-Aug-05
Number PRNUK-0108

Immediate Release: 1 August 2005

                            Northern Petroleum Plc                             

                                 ('Northern')                                 

                        Sandhills-2 commences drilling                         

Northern Petroleum Plc ('Northern') announces that drilling commenced at the
Sandhills-2 well on 1st August 2005. The well is located in PEDL 098 at
co-ordinates OS 446150 E, 089815 N and has a planned total measured depth of
4167 feet. The primary target is the Great Oolite and the reserve potential is
evaluated at being in the range of 10 to 50 million barrels recoverable.

Following the drilling of Sandhills-2 the rig will be moved to the Bouldnor
Copse-1 well site near Yarmouth on the Isle of Wight to drill both a structure
at the Great Oolite level and a deeper and potentially larger exploration
prospect in the Triassic Sherwood Sandstone on licence PEDL 089 with a reserve
potential of 90 to 140 million barrels recoverable.

PEDL 098 partners are
Northern Petroleum (GB) Limited 57.5%
Black Rock Resources (UK) Limited 5.0%
Magellan Petroleum (N.T) Pty Limited 22.5%
Oil Quest Resources Plc 7.5%
Oil and Gas Investments Limited 2.5%
Montrose Industries Limited 5.0%

PEDL 089(A) partners are
Northern Petroleum (GB) Limited 70%
Wessex Exploration Limited 20%
Oil Quest Resources Plc 10%

-Ends-

For further information contact:
Derek Musgrove
Northern Petroleum
Tel. 020 7743 6080

Chris Roberts
Hansard Communication
Tel. 020 7245 1100

END

Oil stock was very hot and on fire today.

MPET up $0.23 (7.93%) to $3.13
MPET cleared 10day MA ($2.94) and 20day MA ($3.04) both.
I think this is beginning of short term rally.

EOM

Quote from: bula on July 27, 2005, 10:00:34 AM
Adding MPET at 2.87 and bought GEOI at 14.66.  OSX.X is near all time highs and crude has retraced nicely.  Most of these babies have also fallen back to their 13 day EMA.  Several tropical storms are brewing in the atlantic after a brief hiatus which should stir things up in the coming days. 

The time is now.  My opinion is momo will build this week and next week will see another hurricane pop in crude on its way to $70 by Sept.

Happy trading everyone,
Bula

Loving it now.  GEOI $16.55 and MPET $3.4.  Both will continue the run.

$$$$,
Bula

MPET looks like it's going to go places today.

It might be to late to get in from the morning, but should be fun to watch.

Good luck to you who allready have MPET!  ;)

bought yestderay before the close at 3.05. Hopefully we'll see it break its upper channel around 4$.

Good luck to all,

Fousc

QuoteLoving it now.  GEOI $16.55 and MPET $3.4.  Both will continue the run.

$$$$,
Bula

Good job, Bula.  Applause.

hi guys,
thanks for the great input.
i would llove some input on mpet. is this a similar triangle pattern as the last stock gtcb exept in reverse  or is this a penant. love to find out how you post a chart . it doesn't seem like you can copy and paste on here . could some one tell me how to do it.?
thanks.
max  ;)

Quote from: wezard03 on July 22, 2005, 06:10:14 PM
As bula said, crude oil finished strongly at $58.65 - 1.52 up.
It may be a sign of rebound to $60+ after bearish trend
since July 13.

MPET closed at 3.05 on July 22, when crude finished at $58.65.  Yesterday, with crude at $66.00, MPET closed at 3.01.  Something doesn't seem right with some of these low-priced oil-related stocks  ???

With the stocks negatively diverging from the rally in oil, I'm thinking that, after a rally of 300% in stocks like MPET, the rally from $58 to $66 in oil already was priced into the stocks.  Oil is at new highs...MPET is down 27% from its early July high.

If MPET doesn't close back above the neckline, it looks vulnerable to a further selloff.

It was a kind of consolidation period last week after short term rally from the
bottom at $2.75 on July 27 & 28 to the high at $3.52 on August 3.

MPET is sitting at $2.99 between 20 DMA ($2.98) and 10 DMA ($3.05).

http://stockcharts.com/gallery/?mpet

Once the positive update is announced about the drilling at the Sandhills-2
on the Isle of Wight, MPET may move higher and test $3.18 and beyond.
Open the following site and click "project overviews" of August 11.

http://www.blackrockoilandgasplc.co.uk/index.html

As of August 10, the driller reached 2.750 feet and they are expected to
reach the objective depth (3.700 feet) on August 15 or 16.

EOM

in UK market on Friday, August 12.

http://finance.yahoo.com/q?s=BLR.L&d=t

Northern Petroleum (NOP.L) gained 12.00 (13.26%) to 102.50
in UK market on Friday, August 12.

http://finance.yahoo.com/q?s=NOP.L&d=t

Sandhills-2 (PEDL 098) licencees are:
Northern Petroleum (GB) Ltd  57.5%
Magellan Petroleum (N.T) Pty Ltd 22.5%
Oil Quest Resources Plc7.5%
Black Rock Resources (UK) Ltd 5.0%
Monrtrose Industries 5.0%
Oil and Gas Investments Ltd 2.5%

MPET may follow them this week.

Five closes at, or below, the neckline.

I'm betting on $70 oil within a month.  This is a swing trade for both MPET and GEOI.  Today they are hitting sub 20 on the stoch (oversold).  These prices look pretty tempting here even thought the chart is fairly weak.  I just like the sector staying strong with oil shooting higher.

Going in GEOI $13.3 and MPET $2.77 very large positions.

Good luck.
Bula

Timing is perfect for MPET - support at $2.75, low stoch, moderate OBV.

Good observation about the 2.75 support.  Applause.  That looks like important support since MPET has been acting weak, and not responding to rallies in oil. 

MPET would look alot better if it could close back above the neckline (red line) at 3.10, and would look much better if it could close above the down trendline (green line), currently at about 3.18.

You have a nice entry at 2.77..  Even if it only rallies to the neckline at 3.10 (neckline rises daily), you've got a nice gain of almost 12%.

Good luck!

Although MPET has been down trend from $3.52 month high on August 3,
it changed the direction with volume on Sep. 1 & 2.

http://stockcharts.com/gallery/?mpet

MPET is sitting above 50 DMA ($2.85), 20 DMA ($2.71) and 10 DMA ($2.54).

MPET will test $3.18 registance.

MPET finally finally finally hit oil yesterday.  This has not been announced in the US but I expect it will today and MPET could possibly see a very nice pop.  Currently $2.9.

http://www.asx.com.au/asxpdf/20050906/pdf/3s62sggh1g305.pdf

This is a great short term opportunity for a swing trade to $4+ possible this week.

Good luck,
Bula

Your pick is on the move in the pre-market.
+5.82%.......Volume......75,843

Quote from: Melf Elf on August 12, 2005, 05:37:47 AM

With the stocks negatively diverging from the rally in oil, I'm thinking that, after a rally of 300% in stocks like MPET, the rally from $58 to $66 in oil already was priced into the stocks.  Oil is at new highs..

The "disconnect" behavior in these stocks is another one of those counter-intuitive deals.  Predictions of high oil  prices were correct, but it didn't translate into higher prices for the stocks. 

QuoteMPET is down 27% from its early July high

When stocks selloff that much, it could be more than just a pullback or a correction.  It could signify a change in trend.

That 27% loss was on August 12, when MPET was re-testing the broken neckline on the chart.

QuoteIf MPET doesn't close back above the neckline, it looks vulnerable to a further selloff.

MPET now is down 52.4% off its early July high.  The summer oil rally already had been priced into MPET on the 300% rally into the July high.

Someone on CNBC this morning mentioned an old say on the floor of the exchange, "When the news is great...it's too late."   That seems to be the case with MPET when the news about oil at the July high was great.  It was too late for MPET, which dropped 52.4% from there.

Now that MPET has had that big drop, listen to what we're hearing about oil stocks.  The news isn't so great.  These stocks aren't real popular right now.

Hmmm-mm.... 

MPET traded as low as 1.95 this morning, right at the 200DA.  The gap is 1.81-1.89.  Might be worth putting on our radar for a least a pop.  Especially if it fills that gap.

MPET is my contest pick for the third contest. See the pick list!!! This is going to break out to $4 if the Udacha well comes in anyday now!!

Looks like a good entry point ;) Goodluck defenderyou :D

Quote from: defenderyou on January 22, 2006, 11:00:09 PM
MPET is my contest pick for the third contest. See the pick list!!! This is going to break out to $4 if the Udacha well comes in anyday now!!

Nice pick defender!(applaud) Breakout of a long descending trendline with above average volume confirmation. Good luck on the contest :)

-fousc

Quote from: defenderyou on January 22, 2006, 11:00:09 PM
MPET is my contest pick for the third contest. See the pick list!!! This is going to break out to $4 if the Udacha well comes in anyday now!!

Interesting pick, defenderyou. Applauded.

MPET put in a little "W"-Bottom and made the 2.06 target IN PLAY.  It now has put in a larger "W"-Bottom (drawn at the upper right of the chart), so it's got a better base from which to attack resistance.  Sort-term target depends on whether you use the left or right leg. 

For this base to be good enough to go up against that big top (in red), it looks like it's going to need better volume, and your Udacha well news could be the catalyst.   Good luck with your pick!

Ichimoku Kinko Hyo chart:

Quote from: Melf Elf on January 23, 2006, 06:14:37 AM

Quote from: defenderyou on January 22, 2006, 11:00:09 PM
MPET is my contest pick for the third contest. See the pick list!!! This is going to break out to $4 if the Udacha well comes in anyday now!!

Interesting pick, defenderyou. Applauded.

MPET put in a little "W"-Bottom and made the 2.06 target IN PLAY.  It now has put in a larger "W"-Bottom (drawn at the upper right of the chart), so it's got a better base from which to attack resistance.  Sort-term target depends on whether you use the left or right leg. 

For this base to be good enough to go up against that big top (in red), it looks like it's going to need better volume, and your Udacha well news could be the catalyst.   Good luck with your pick!

Great Analysis Melf Elf.. appalud

No one is following this stock anymore?

MARS

Recent downtrend breakout - LT...

Can someone merge all the threads please.

Im starting to like the technical aspects of MPET again... Higher low and higher high waves with a long term breakout...

almost 700 million in proven reserves but a market cap of 70 million?


Found this also:

1) Cash—Over $25 million
2) Positive Earnings & Cash Flow
3) No Long Term Debt
4) MPET acquired 100% of MGN, increasing shareholder value 9%
5) MPET valued MGN @ $1.90/share during acquisition
6) Only 41.5 million shares- Market Cap of $58 million—NOW $65 MILLION
7) Recent wells "cased and suspended as future producers"—NOW 10 WELLS!
8) Earnings are increasing –next report due May 15th.
9) 2007 aggressive drilling schedule of 21 wells is on schedule
10) Assets include 1.5 million acres (net) in Australia, United Kingdom & Canada
11) Pipelines, Transportation, & processing infrastructure are in place at most leases
12) Current Low priced gas contracts in Australia expire in 2008 and 2012 after which their Uncontracted gas reserves will command higher prices.
13) United Kingdom (UK)--14 leases average 40% interest with high Oil potential described in an independent published report---2-3 wells to be drilled this year.
14) Stock price was over $4/share in 2005 when one 22% interest well drilled in UK.
15) New Management in last 2 years is making progress.
16) There is no fundamental reason for the decline in stock price—earnings are increasing and drilling is successful and on plan for 2007
17) Manipulation of this small cap undervalued stock prior to a takeover attempt may be going on. (MPET was on the SEC SHO Naked Short List in May 2005)
18) Money Flow shows that Major Accumulation and there have been several recent closes on high of the day on increased volume.
19) Chindia growth bodes well for MPET's Australian Uncontracted Reserves
20) World Instability/Terrorist/Nuclear Dangers to Energy supplies increase the Value of MPET's "Friendly Location" Reserves.
21) Conservative Estimate of Present Value is $8/share
22) Outstanding Reward vs Risk at current $1.50 to $1.65 per share levels
23) Low Capital Gains Taxes when held long term.
24) Australian Dollar Strength
25) "Bare Equity" $3.08/share Valuation Without UK
26) NOP is now proceeding with UK drilling preparation
27) April 4th Press Release was "incredibly bullish" stating "All 10 wells were cased and suspended" and "planning will commence" for drilling in NINE (9) more Oil Fields!

"MPET" Threads have been Merged.......and it was a large number !
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 $$$   ;) 


I will leave you today's closing chart.......

MPET moving up with the oil. Rounding bottom breakout.