Hi erichmj ... I like your chart and i do a little TA myself ... but I always have to remind myself that any individual chart TA is as much affected by the market TA as its own support.
Personally I believe the CEL chart could be the start of an uptrend if the market stays constant ... or a bull-trap, if the market dumps.
Therefore the question in my mind lies more with the volatility of the market here than the immediate potential bullishness of a confirmed drill/frac exercise.
Then there's the other aspect that's interesting - any QE3, means a higer AUD, lower potential CEL returns to AU shareholders.
It's all a real mess and a real gamble.
Take a look at the weekly chart for XOM in the US - the largest oil company in the world - recent expanding triangle look to it - maybe one more top - but equally very very overbought here.
$WTIC - light crude - inverse head n shoulders so should probably go sideways - but that's in USD.
VIX daily is as oversold as anywhere recently.
I'm going to play the percentages ... cash while the market frets over US debt ... assume a last minute solution (short term) for Aug 2, and buy into either Friday 29th or Mon 1st for a bounce using best value traders I can find - CEL being one if they stall their announcement another week.
Regards
CEL Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held
