Today showed ROC set on staying at or above 42.5 support. With Brent still in the 125ish range I had' quick look at the various broker valuations I have on ROC - 5 in all. Some have valaution sensitivities based on oil price at 10 dollar intervals, others show the difference in valaution from a couple of oil price point assumptions - at today's spot the most conservative valuation produces a result in the mids 70s with low 90s on the high side When I look at the valuations of its peers - roc becomes more and more chronically undervalued on a relative basis as well as an absolute basis I suspect today was the end of the consolidation and we should begin t see the move to 45 and beyond. In my experience of investing here is what often happens - a stock goes to a certain point 45.5 and then drops back and a largish resistance lines forms ( 45) . When the line is passed again this time through higher volume the move tends to be quick and explosive. Therefore my early prediction is when 45 goes we will see 48 within a day or two and 50 within a week
ROC Price at posting:
42.5¢ Sentiment: LT Buy Disclosure: Held
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