daytrade diaries... friday, page-5

Morning HL and all...

Well I managed to get on March light crude(5 mini contract) at around the 36.60 mark. Went to be to see that the oil prices has continued to rally through the night.

Its interesting though that oil was rallying even before the numbers came out, and what more that the numbers expected inventories to increase not decrease.... hmmmm (I dont get it sometimes).

Here is a chart for Oil if anyone is interested..



So, of course I will be moving my focus today to the oil sector as I feel we might see this bounce continue on up to around the $45 mark in the coming week or so.

One stock which I will be looking to enter is Australian Worldwide (AWE). Unfortunately the chart isnt pretty right now, but im almost certain that the support lines I have highlighted in the chart below will not get reached, in fact I think we will see a bullish kicking or engulfing pattern emerge at open this morning.

yesterday it closed @ $2.22 right on its first level of support after breaking the lower channel of the triangle.




The company is still looking to deliver 9 million barrells of oil for FY09 (a mere 3% decrease from last years output of 9.3 mmboe.)

The other stock I really like is Industrea Limited (IDL). Over the past few months it has been sold down hard in line with out mining service companies.

Yesterday they came out with a barrage of announcements at just the right time and they appear to be fairly positive.

Industrea posts solid 1st half result

Appointment of New Director

Industrea wins US$6.2M China Contract

There sales revenue was up 156% for the first half FY09 $146.1M, with their net profit after tax of $24.6M (up 106%). In addtion they announced that they are paying an interim dividend of 0.25c (not 25c), which when the shareprice is trading at 10c is still an attractive yield of 2.5% when it wasnt expected.

Anyway here is the chart, that enough of my rambling. Good luck if you buy. Closed @ 10.5c yesterday.



Cheers Kevi