Ann: Presentation - Recommended Merger of Beach and Drillsearch, page-84

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28/10/15

20:37

Post #: 16276764
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Originally posted by eshmun ↑

Pnewby,

I sold down more of my shares today (so about 32% of my total holding between today and yesterday).

I'm no chart guy but I use the Dec2015 WTI futures as my barometer of trend and it doesn't look convincing at the moment.

Last night the chart that I follow fell below the last support line set after the September bounce in the oil price (blue line). The price recovered from last nights low but is still hovering around that support level.

I'm not a chartist but it looks to me that it has broken support rather then tested it. May be @nordsemic can tell us as he follows the pure chart and knows this stuff.

Also compare the slopes of the price slide from July to Sept and look at the slope now (green lines).

View attachment 108498
I'm still strong and long oil and DLS over the next 14 months but in my case selling is like taking a little hedge against any further price slide. If oil makes a double bottom on my chart I don't think DLS will fall much below 60 to 65cents and I'll buy back in. If oil has a good reversal in the next few days/week I'll buy my holdings back even if I have to pay a few cents more.

I just think we are exactly at a crucial point for oil tonight so I like to cover a bit for any further falls.

I'm still totally in love with this oil trade in the long term and hope to increase my holdings in DLS if we are fortunate enough to see another good dip.

Eshmun

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38 was the near term low but earlier on the year there was clear support at 42
50 was a pretty evident short term top but i think its still a correction
if you put fibs up i bet price would be really to close a 61.8 retracement

DLS Price at posting: 78.5¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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Ann: Presentation - Recommended Merger of Beach and Drillsearch, page-84

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Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

ASX Market Open: ASX200 to rise for Friday session | July 26

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

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