MPET

[AussieTrader]

Up 21% today, lovely chart.

[bebu]

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

[drubek]

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?

[AussieTrader]

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

[eduardvs]

How much more legs you think this has?

[bula]

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

[fred]

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

[bula]

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

[Adam]

Is this stock a buy at these levels??

[bula]

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

[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

[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. 

[bula]

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

[eagerlearner]

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

[bula]

Bigtime money being made on this one now.     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