BDCO

[Melf Elf]

Very respectable showing from BDCO yesterday:

1. The bottom of the Symmetrical Triangle came in at 4.8278; the low was 4.85.

2. It went back to UNCH at 4.98, which was a good sign.

3. It then put in a high of 5.15, and closed at 5.09, a penny above Friday's high of 5.08.

4. Bullish Engulfer on the day.

A complete reversal of fortune! 

I had a nice entry into BDCO on Tuesday, at 4.91, coming off the bottom rail of the Symmetrical Triangle, and was delighted with the 5.09 close.

Busted!

Tuesday's nice candle was reversed, and BDCO closed below the bottom of the pattern. 

This still could end up bullish if yesterday's close was a low, or if we make a nominal new low here, then rally.  We'd have to "move the chains" (Blue #2 and Blue #4), and it still would be a Bullish Symmetrical Triangle if BDCO goes up and takes out the top of the pattern.

As it stands, though, my assumption that the bottom of the pattern was in, was incorrect, and I'd be sitting in the trade "hoping" that I would end up being right about the pattern.  That's dangerous.  The bottom of the pattern was my "safety net," and it wasn't support.  This could go lower than I expected.

I took a 2% loss on the trade.

[Melf Elf]

I thought about re-posting this to "Melf's Workshop," for learning purposes, but decided to post it here in sympathy with anyone who still is long BDCO. given my checkered past behavior in stocks.

From the GIGM folder...Previous Picks Board:

[   What a bad close eh Melf!!

Thai,

Yeah.  Lousy.

That's very unfortunate!  I will be putting in a stop tomorrow as I got in a 9.91.  i will give it a little breathing room but not much.     I'm hoping some of my losses if I were to take any would be covered by the gains from NTRZ.ob.   

Good for you, Thai, and I'm happy to know that you have a nice gain in NTZR.ob.  I don't follow those. 

USE A STOP, and don't let a "mistake" turn into a disaster.   GIGM "could" rally like gangbusters tomorrow, but I never again am going to be a "bagholder" in any stock.

This one CLOSED below trendline support. 

Noo-oo-o....."Been There...Done That."

Recent example....BDCO...

I stopped it out for a 1.7% loss on the break of bullish-looking Symmetrical Triangle "Continuation Pattern," after the HUGE upside gain!

Definitely "looked" bullish...until that break.  What if I'd "hung on," HOPING.

WRONG.

At today's close, if I had "held," and "hoped" that it would turn out bullish....

WRONG.

I'd be a HUGE "bagholder," to the tune of a loss of 24.2%, and the danged thing just broke below a Symmetrical triangle.

Arrrrgh....

It "Could" find support at the last low....


Arrrgh....

GET ME OUTTA THIS THING!!!!!!!!!!!!!!!!

I'm real, real happy with my 1.7% loss. 

[bocasva]

This looks good to short now, might give it a try tomorrow

[REALDEALS21]

Hey guys, you think this 1 is ready to go up now ??    NO NEWS !

[Melf Elf]

Hey guys, you think this 1 is ready to go up now ??    NO NEWS !

REALDEALS,

I have it as an upside Channel breakout, crossing 4.1564 yesterday, so the breakout was 4.16, putting a target of 4.71 IN PLAY.

The highs of this pattern are 4.10...4.11..4.10...4.096...4.10.  Those are close enough for the pattern to be considered an Ascending Triangle.  In that case, the breakout was above 4.11, putting a target of 4.67 IN PLAY.

So, 4.67-4.71 is IN PLAY, as long as BDCO remains above the breakout.  I always use the more conservative of the two.

[setravis]

Impressive base put in !
Back above the 13, 50 and 200-day MA's
13-day MA has crossed over the 50-day MA.

52wk Range: 2.71 - 4.65
Volume: 382,135
Avg Vol (3m): 152,396

Technicals
Last Price Quote is:
14.90%above 13-day MA
17.77%above 50-day MA
RS Rating: 82 

Fundamentals
Earnings Expected on Aug 10

Key Data:
Market Cap (M): $35.95 
P/E Ratio: 79.97 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A
 

[setravis]

Next move up?
This is way oversold according to stochastic graph.
Stochastic suggests good entry point.
Closed above the 13-day MA
As always do your own DD !


52wk Range: 2.53 - 4.65
Volume: 371,588
Avg Vol (3m): 278,367

Technicals
Percentage Gainer

Last Price Quote is:
2.17%above 13-day MA
-4.36%below 50-day MA
RS Rating: 46 

Fundamentals
Key Data:
Market Cap (M): $34.01 
P/E Ratio: 90.77 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A

[setravis]

Blue Dolphin Energy Company Announces Initial Production from High Island Area Well

Blue Dolphin Energy Company (Nasdaq: BDCO - News; "Blue Dolphin") today announced that production commenced in the High Island Block 115 sidetrack 2 well on November 26, 2007. As the Company previously reported, it had earned a 2.5% working interest in the well. The interest is held by its wholly owned subsidiary, Blue Dolphin Petroleum Company. The operator reports that the well is currently flowing at a rate of approximately 9 million cubic feet of gas per day with a 10,500 psi flowing tubing pressure and an 11,010 psi shut-in tubing pressure. The well is a sidetrack of the original B-1 wellbore in the block. As the well has recently commenced production, the production level has not yet stabilized. There will be adjustments to the production rate after a sustained steady flow has been achieved. The Company will issue further information as operations progress. Blue Dolphin's net revenue interest in the well is 2.008%.


Blue Dolphin Energy Company is an independent oil and gas company with operations in the Gulf of Mexico, engaged primarily in the gathering and transportation of natural gas and condensate and production of oil and gas. For further information visit the Company's website at http://www.blue-dolphin.com.

Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

--------------------------------------------------------------------------------
Source: Blue Dolphin Energy Company

[setravis]

Been down and out  ... Let's watch 
Barely profitable energy play, risky


52wk Range: 1.12 - 3.93
Volume: 1,809,866
Avg Vol (3m): 45,565.6

Technicals
Percentage Gainer

Last Price Quote is:
47.05%above 13-day MA
46.52%above 50-day MA
RS Rating: 95 

Fundamentals
Key Data:
Market Cap (M): $16.13 
P/E Ratio: 90.77 
PEG Ratio: N/A 
Next Earnings: 08/18/2008
Last Analyst Rating: N/A

[setravis]

updated chart look...

52wk Range: 1.12 - 3.93
Volume: 2,312,082
Avg Vol (3m): 90,910.8

Technicals
Percentage Gainer

Last Price Quote is:
38.95%above 13-day MA
48.52%above 50-day MA
RS Rating: 93 

Fundamentals
Key Data:
Market Cap (M): $20.69 
P/E Ratio: 90.77 
PEG Ratio: N/A 
Next Earnings: 08/18/2008
Last Analyst Rating: N/A

[setravis]

Another leg up...

52wk Range: 1.12 - 3.93
Volume: 788,904
Avg Vol (3m): 140,091

Technicals
Percentage Gainer

Last Price Quote is:
22.84%above 13-day MA
38.66%above 50-day MA
RS Rating: 95 

Fundamentals
Key Data:
Market Cap (M): $25.11 
P/E Ratio: 90.77 
PEG Ratio: N/A 
Next Earnings: 08/18/2008
Last Analyst Rating: N/A