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OIL - OPTISCAN IMAGING LIMITED


theflasherman

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I'm glad that HZN is considered a strong buy as I'm holding a reasonable parcel of them.

 

Problem is that the chart doesn't look as good as ROC. The Bollinger bands are converging which implies a break which can be either up or down. The chart shows a greater likelihood of a downward movement due to the RSI declining along with the MACD.

 

If you look at the P&F chart (using the closing prices) it just keeps bumping against that 0.135 resisitance line. Lots of intraday jumps to 0.14, even an open at this figure but no close above 0.135.

 

I'm giving this one another few days trading but if it doesn't close above 0.135 or worse yet it closes below 0.125 then I'm afraid I've got to get out.

 

ROC, which I don't hold, looks like it's got a short period of downturn (maybe a couple of days) coming up but the 30 week and 21 week MAs have both turned up sharply which is an excellent indicator of further growth in the sp. The RSI is healthy and it's just a rise in volumes we need to see ROC move up well.

 

When I free up some cash ROC will be one I'll be seriously looking at.

 

 

 

 

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IN REPLY TO A POST BY lord elpus, Mon 01/03/04 07:10pm   [READ POST]

I'm glad that HZN is considered a strong buy as I'm holding a reasonable parcel of them.

Problem is that the chart doesn't look as good as ROC. The Bollinger bands are converging which implies a break which can be either up or down. The chart shows a greater likelihood of a downward movement due to the RSI declining along with the MACD.

If you look at the P&F chart (using the closing prices) it just keeps bumping against that 0.135 resisitance line. Lots of intraday jumps to 0.14, even an open at this figure but no close above 0.135.

I'm giving this one another few days trading but if it doesn't close above 0.135 or worse yet it closes below 0.125 then I'm afraid I've got to get out.

ROC, which I don't hold, looks like it's got a short period of downturn (maybe a couple of days) coming up but the 30 week and 21 week MAs have both turned up sharply which is an excellent indicator of further growth in the sp. The RSI is healthy and it's just a rise in volumes we need to see ROC move up well.

When I free up some cash ROC will be one I'll be seriously looking at.

I would have to agree with totally on this if HZN go's below 12.5 cents I would be out of that so fast INMHO but it problem is with the 4 TOPS @ 14 cents if it go's through that it will be off it has surport at 12.5 but has also just been under that it reely is touch wood on this one.

I also agree with you on ROC but one thing to take into acount with this one is it has just made a new high breaking the old double top it still has some upward movement left in it but it has brokern trend @ $1.62 so I would say that this has a big upside to this one.

Pete

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Oil continuing to forge ahead. It stopped just short of US$37 a barrel oernight. US inventories are low and threats from Venezuela to cut supply are keeping prices up. I wonder when some of this increase will flow through to some of the share prices of the companies I mentioned earlier?

 

I picked up some AMU yesterday at 44.5c as I think with their costs mostly in US dollars they will benefit substantially. Also they had more exploration success yesterday with an additional 60-80 bopd coming on stream very soon. Purely a fundamental play.

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Although this is not the correct place to discuss HZN, i have to differ with the views put forward regarding HZN, and that it looks like retreating.

 

I can see the 14c resistance, and i firmly believe the only reason it has not been overcome is the delays in Beibu drilling. The price is merely pausing during this waiting period, buyers do not need to push the price further whilst there is a steady flow of sellers at this level.

 

I have my slice, and will look to add more into strength. Of course more delays may panic some holders and cause a minor correction, but that is surely an opportunity to add to holdings.

 

Still i am not advising you to change your plans, far from it, if that is your opinion stick to it.

 

Just putting my view forward.

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For anyone interested in a freebie take a look at the latest copy of the O&G Bulletin for free! It is on Amadeus Energy's website under the following link.

 

http://www.amadeusenergy.com/og_020304.pdf

 

It is nice to see someone else likes the same stocks that I do!!!

 

What is everyone else picking in this sector?

 

I'm long ROC, COE and AMU currently. I'm looking at other Cooper basin producers and explorers and also like OSH. NVS looks like an interesting play as well. I just cleaned out TAP as I don't believe it has the upside of some of the others.

 

 

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It looks like Chinese demand for commodities is extending to oil now. See the following link:

 

http://biz.yahoo.com/rm/040311/markets_ipe_2.html

 

IMO, unless OPEC start to increase production we are not going to see significantly lower prices. I would be surprised to see oil below US$30 a barrel. A$ down to 0.7361 against US$ on my screen which is another positive. Despite these fundamentals many oilers continue to languish and are being taken along with the current downtrend in the overall market. Go figure...

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Hi The Flasherman,

 

What do you see as good oil plays atm. Are there any about to come to the markets attention so to speak?

 

Cheers Chiller

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QUOTE (chiller @ Thursday 11/03/04 12:52pm)
IN REPLY TO A POST BY chiller, Thursday 11/03/04 12:52pm

Hi Chiller

 

I don't expect any to be immediately successful investments, but over the next 6 months I think many of the Cooper basin producers/explorers will do well. BPT/STU are drilling soon. STU probably the more leveraged play but it has run a little already and i think it is a touch overvalued on current reserves.

 

I hold AMU, ROC and COE if that is any indication.

 

AMU is heavily leveraged to the oil price and must be earning some solid cash after bringing 2 more wells online at around 60bopd each. The price has run up, but has come off from recent highs over the last few days.

 

ROC I believe has very little downside due to current cash flow combined with a very active drilling programme. It may not have the upside of some other ASX oilers but I like to protect my capital.

 

I wouldn't buy COE at the moment as the expiry of options is putting pressure on the price. Once this eases and they get their 2004 drilling programme underway it will be highly leveraged to even small finds in the Cooper Basin. They are producing oil so will improve cash flows from the rising A$. This is one of the Rivkin Report's current recommendations.

 

INP's drilling programme is later in the year but gains could be large on any success due to the size of their targets relative to their current market cap.

 

OSH will be benefitting immensely from this high oil price and with a decision on the PNG pipeline always lurking in the background this is a good value oiler to be in IMO.

 

ARQ also looks good with solid oil revenues and an exploration programme which has kicked off with Redback-1.

 

Hope you find some of this useful!?!

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Thanks for the information The Flasherman, very much appreciated. http://www.asxboard.com/html/emoticons/cool2.gif I will add the co's to my watch list and keep an eye on them over the next month or so.

 

Cheers Chiller

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