OMNI

[joet]

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)

[ScottishTrader]

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.

[joet]

 
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

[ScottishTrader]

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???)

[joet]

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

[ScottishTrader]

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...

[ScottishTrader]

Nice follow through on the reversal doji yesterday on OMNI!!!

Currently up over 8% and still going.  Looks like this reversal could run!

[Holygrale]

Jumped in, looks like its basing..........

[ScottishTrader]

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!

[joet]

   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

[ScottishTrader]

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   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

[sebfr]

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

[ScottishTrader]

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.

[ScottishTrader]

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...

[ScottishTrader]

Descending wedge breakout CONFIRMED

Gapped above resistance this morning to open at 7.95 - currently trading around 8.10, up almost 5%.  Lets hope this continues....