18
Dec
Wrap – Week Ended 12/17/10
Wrap comments to be added on Sunday
This entry was posted on Saturday, December 18th, 2010 at 6:16 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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EXXI finally broke out of its wide consolidaiton triangle on the 30 min Friday and now looks poised to finally break the bullish ascending daily consolidation triangle, the nearterm P&F price objective is currently $28 off the aging buy signal, but because of the overall technical structure I don't think the objective is reliable, the chart patterns suggest EXXI goes much higher longer term, so ingone the $28 PO, eventually EXXI will three box reverse into O's,causing some to cover, on the current buyy signal and stage another run higher ….
December 19th, 2010 at 9:20 amMMR's structure has also improved, and the weekly suggests it too will also be going higher…nice staging support on the daily , key resistance at $17, for patient traders, that weekly currenly looks fabulous…
HK currently sitting on both its daily 200 day SMA and the 30 min 200 period…
A few others to watch next week, showing bullish technical setups…FST, LEI, MCF, MHR, PETD, PXP, WLL
A good number of charts updated…let me know if anyone wants to discuss details on any particular stock….
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3724280
JB – thanks, voted, where do we see where you stand in the rankings?
Any thoughts on the talk X spike on BEXP, getting long in the tooth? Not concerned other than from a short term trading perspective. They probably have nothing to say for the rest of the year on the catalyst front.
REXX – on the other hand should have things to say that could be crowd pleasers any day now, got any thoughts there?
December 19th, 2010 at 12:10 pmZman, good afternoon…
December 19th, 2010 at 2:01 pmBEXP shorter term…very near term, looking at the 30 min, BEXP closed fairly convincingly under the 30 min 200 period at the close Friday, so if I'm over the weekend dayish trade long, I'd sure like to see BEXP get above the $26.70 level on Monday, this would be the resistance level to watch going into the open, looking at the daily for swing trades, things still look ok with $25.75 being the support level to watch, see the daily chart close up, the 20 daily period SMA held welcome support Friday…..
REXX weekly looks fantastic, added the weekly chart, the weekly consolidation triangle has been forming for more than a year and has at least 3 pressure points, if this stock breaks out, its going to run, resistance spot to watch is about $13.25, which can be seen on the daily….
Thanks very much, Thursday /Friday seemed like it was option related, maybe some "lack of near term catalyst" sellers as well as they just fired off a press release and there is always the concern they could do a deal. My sense is they should do one and take the stock through $30. As they have grown into their valuation, they have actually started to lag on a $/acre basis. Given that they are on the forefront of proving up tighter well spacing in the Basin this would seem to run counter to logic.
December 19th, 2010 at 2:04 pmActually, BEXP may have 1 more pr in it prior to year end. Budget and guidance.
December 19th, 2010 at 2:33 pmvoted JB.
zman does the following jibe with reflect your thinking as well?
Clauses in land leases requiring natural-gas producers to drill or lose their claim have added further pressure. Goldman Sachs Group Inc. estimates that roughly two-thirds of rigs operating in the major shale-gas basins are there for this reason.
December 19th, 2010 at 6:16 pmIn 2000, 16% of U.S. electricity came from gas and 52% from coal, according to official data. In the 12 months ended August 2010, gas accounted for 24% and coal 45%.
http://online.wsj.com/article/SB10001424052748704156304576003290724575056.html?ru=yahoo&mod=yahoo_hs
Mim – yes, lots of "uneconomic at current price" wells being drilled now to hold the land.
December 19th, 2010 at 6:56 pm