value of charts on oilers, page-3

Petzl, I think I would dispute your first priority. With small oilers the number 1 priority is trader psychology.

You have just scene the classic mini bubble - the punters diving into to get on board the "certainty". And then the dump as they rush for the door on the duster.
This bubble is no different to the tech boom of 2000 except in this case it is played out over several months. And this bubble was no different to what you see in nearly every small oil company drill program.

In PSA's case its fundamentals place a floor under the price. But they did not affect the bubble action that has happened with the current drill program. The current price action has just us that at least 20cents was added to the PSA price on the hope that the current well was going to be winner.

With regard to resistance and support do you really believe 10 years of trading is relevant? In PSA's case it was resurrected from the ashes a couple of years ago. The company was reduced to a cash box with no assets. The shareholders were burnt and buried. Sorry I dont think I wouldnt go past a year or two at the most.

And support. 72 cents was an obvious support if you look at the chart, but it didnt take much selling volume to break through that. If I was a sceptic I would just say that chartists just keep picking supports until you get it right.

acturtle

PS I dont think I would say there are no rich chartists out there. Of course there are. They are just not loud about it.