BPT - Beach Energy

[Porper]

Thought it time for an update on BPT.

It came up on a scan today and I must admit I like the set up.

Reasonable low risk entry with very good support at 1.03, bounced off that area 3 times now.

Also we have some good type A divergence (the best ).

From an Elliot wave perspective, looks like the 3 wave correction may have completed.Today however wasn't so good so maybe not quite time for an entry yet, looks good to me though.

 

[CanOz]

Nice chart Porpy, agree. Saw it bounce off a buck the other day, crude oil needs to get on and up too. Need a nice entry.

Cheers,

 

[Sean K]

Hmmm, I've been watching closely since cashing out a while ago on terrible weakness. Back on the close watch list. I reckon this will be part of some industry rationalisation soon. Speculation, but all the mid tier oilers would be IMO. It's oil!!

Any idea how the India bed down thingy is going? Anyone?

(not holding)

 

[nioka]

Has bpt gone into trading halt - no ann but buy/sells don't match?? or is commsec slow today?

Trading normally. Up 2c Average vol.

 

[Freeballinginawetsuit]

Trading normally. Up 2c Average vol.

A bit more momentum as well today Nioka

 

[reece55]

A bit more momentum as well today Nioka

Yep, looking quite nice......

Like the large volume spike at 1.05 when we went down to the lows...... Oil up 5%, looking good here..... Freeball, now I am interested! Also like the fact that the lows established in June - July have been respected and looks to have encountered what I consider to be good bargain buying.....

Cheers

 

[Sean K]

This new project alliance with ADI, BKP, and ARQ looks very interesting.

I liked their last presentation. Nice slides....over 100mmboe reserves., largest mid cap (if that makes sence), very diverse portfolio (though still very Aus centric). No mention of the Delhi deal What happened there??

I thought this was going to get to 90 cents at where the H&S projected, but maybe due to Iran situ it's stopped at 1.10 ish....Still vulnerable if Middle East tensions subside rapidy though IMO.

 

[Porper]

This new project alliance with ADI, BKP, and ARQ looks very interesting.

I liked their last presentation. Nice slides....over 100mmboe reserves., largest mid cap (if that makes sence), very diverse portfolio (though still very Aus centric). No mention of the Delhi deal What happened there??

I thought this was going to get to 90 cents at where the H&S projected, but maybe due to Iran situ it's stopped at 1.10 ish....Still vulnerable if Middle East tensions subside rapidy though IMO.

Well, everything is panning out nicely here.

Looking like a nice Elliot wave pattern.Wave 2 retraced almost smack on 50% of wave 1.So price projections are as shown.

The time scale is between 13 & 17 days.A little ambitious I would say, but we'll see.

Oil looks good and the last move was strong & impulsive.

Once we get through 1.265 we can almost say wave 3 has started, looking at yesterdays action that should be today.Unfortunately the low risk entry has been and gone.

 

[CanOz]

I agree Porpy, trying weekly pivots on this too.

 

[Sean K]

I agree Porpy, trying weekly pivots on this too.

Yes, me too. POI has obviously helped....

 

[noirua]

Interesting charts that make going back to this stock again quite interesting, thanks. A combined company comprising Claremont Petroleum, Beach Petroleum and some assets from the Litigation days, won't bore you by explaining the latter: http://www.beachpetroleum.com.au

An interesting presentation ( 39 page download ): http://www.beachpetroleum.com.au/fi...ses/2007/BPTInvestorPresentation2007Final.pdf

 

[Sean K]

Interesting charts that make going back to this stock again quite interesting, thanks.

Another perspective. Indicators look to be saying that it will break this resistance at 1.25-30 ish. Pending any significant slide in POI.

 

[svensk]

Kennas,

In regards to the chart you posted, I have a couple of newbie questions I hope someone can answer for me. The fact that the SP has broken through the noted 1.25 resistance level, and is fast approaching the 1.30 resistance barrier, along with the upward movement of the MACD indicator, could one assume, at least in the short term, the SP will continue to rise?

I guess this could also be backed up by looking at the RSI. It still has a little room to rise before it moves into the overbought area, thus giving the sp more time to rise in the near future.

I'm new to basic TA, so any comments regarding this would be appreciated.

 

[Sean K]

Kennas,

In regards to the chart you posted, I have a couple of newbie questions I hope someone can answer for me. The fact that the SP has broken through the noted 1.25 resistance level, and is fast approaching the 1.30 resistance barrier, along with the upward movement of the MACD indicator, could one assume, at least in the short term, the SP will continue to rise?

I guess this could also be backed up by looking at the RSI. It still has a little room to rise before it moves into the overbought area, thus giving the sp more time to rise in the near future.

I'm new to basic TA, so any comments regarding this would be appreciated.

Yes, what you are saying is correct. The 'probabilities' via TA are saying that this is going back up, but only just. The sp and the indicators need to be constantly monitored for a change in direction, if you are just buying off the chart. I'd be watching carefully for a reversal at this point. If it breaks back down through 125, and then 120, I'd be out, if just trading on TA. Long term 'investors' probably wouldn't care about these daily and weekly movements though. Just depends on how you invest/trade.

 

[motorway]

The ease of movement on the decline below the green line
Was not so evident

looked to be plenty happy to accumulate

The lowest Bar was a "No Supply" Bar marked with arrow

A spring on such low volume one could expect that it would not be retested

Two very high Volume bars follow

Only can be coming form new demand

A nice rally to ~1.25 and a nice backup
The most recent action is bullish a nice expansion of Volume in harmony with the price nice ease of movement

Set up now for a definitive Jump
A successful back up from that Jump
will be game set and match
atm a bullish consensus looks formed..

need a clear Jump and backup to confirm

Under the green line We can designate accumulation

accumulation is the work in the trading range

The cause that leads to an effect

A new markup stage.

two entry points so far
A third a major one hopefully occurs soon..

motorway

 

[wto23]

Gday all I'm new to forum and this maybe a beginners question....
I'm long BPT. With todays announcement of record revenues why wasn't there support but rather the SP dropped and did so quite considerably at one stage.
Can anyone explain??

cheers.

 

[bean]

I sold today for other reasons not this one http://321energy.com/editorials/maund/maund042207.html

My other reason was post on gold price

 

[motorway]

You maybe want a fundamental reason ( Do they change from day today ? )

However

BPT is in a valid uptrend
completing a healthy reaction

Was not a bad move from the bottom....
healthy reaction already confirmed the trend once..

waves last as long as they have a following
The two highest bars show demand was less keen in following any higher..

sellers reached down for buyers found some and they became less keen.
However I would not have called that reaction "adequate"

The juncture of the horizontal line and the lower diagonal demand line is
where I would be looking for the next buy signal..

What is your time frame ?

The last bar shows demand starting to meet supply..
That will sort itself out soon..

I see a potential from the accumulation in the down trending channel
to $1.80+ ... before meaningful distribution..

If I am wrong or things change ...
That is what stops are for

Why did it fall ?
On every scale there are waves that attract a following
Normal market action buying & selling ..
good response here should set up a good up wave.

Those responses look ok atm ( note that is atm )

cheers
motorway

 

[legs]

up 5.58% today on a weak oil price....encouraging, is there something else going on? anyone have any leads?

 

[Kauri]

Missed that move today, was looking to pyramid in again... my price alert didn't go off.. After failed entry late Feb have taken one position and added once. Looking initially for around $1.50-$1.60...
(Just checked my alerts.. had it set at $2.275 instead of $1.275 may be an omen there!!!).