3SOF

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. 

Also this piece of news made da traders JUMP on it !

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!

This is a buy ............I'll be jumping in tomorrow......

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

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  

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