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CVN - Carnarvon Energy

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CVN up another 10% today - the good times keep rolling!

Hartleys have a price target of 90c on this one now...

This is now officially my favourite stock!

Although I have to be careful not to fall in love with any particular stocks as it can burn you!
 
So true.

I took my profits on the close. Might end up regretting it or getting back in on a dip in the mkt.
 
Will be very interesting to see where CVN goes from here.

In Jan 2008 it hit a high of 77.5c before tumbling and then in May 2008 it hit 80c twice before tumbling!

Anyone got any thoughts?
 
eddyeagle said:
Will be very interesting to see where CVN goes from here.

In Jan 2008 it hit a high of 77.5c before tumbling and then in May 2008 it hit 80c twice before tumbling!

Anyone got any thoughts?
Click to expand...

My thoughts are that it is a different beast now. More cash in the bank and 2 new recent discoveries which weren't part of the equation in the valuation.

Not sure how high it can go, but a bit of positive sentiment hitting the markets, so maybe 90 cents short term or even $1 if the POO keeps going up.

Fee confident in saying it will break 80 cents soon.
 
Yesterdays volume was huge. Looks like someone has taken a big position in CVN at .75 cents.

NSE-H3 was a new Pool Oil Discovery. This is a distinctly separate pool from the underlying main volcanic reservoir at NSE. So the reverses when re calculated should increase.

Saudi Arabia's forecast this week that oil prices could reach $US75 a barrel later this year. This represents a distinct policy shift from the world's largest oil producer. Until recently Saudi Arabia hinted that it would be happy with a lower oil price to help the world economy back on its feet.

In times like this fund managers and people looking to get back in the market will be looking for quality stocks with no debt. CVN fits the bill for me.

I must say i got in ages ago when the price was almost half. DYOR
 
What do the chartists think?

Finished on its highs yesterday on huge volume which I think is meant to be very bullish.

is this correct?
 
ktrianta said:
What do the chartists think?

Finished on its highs yesterday on huge volume which I think is meant to be very bullish.

is this correct?
Click to expand...

I can't really chart, but I'll post one for the moment. A bit of consolidation now would be good I think, before pushing ahead.
 

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I've been bitten several times buying on the tail end of a April's bull run (then getting caught out during the clawback) so despite how attractive this stock is I'm going to wait for the clawback. And if its the one that gets away, so be it. I got to learn some discipline sooner or later
 
Would love to see a break above 80 and close above 80 sometime next week. I guess we are following the indicators re: Oil and the US on that one, but any break and hold above 80 would be amazing for CVN. Blue sky territory + potential to act as new support would be an excellent springboard.

Volume has been well up as well. A major could be taking a position (reminds me of when JP Morgan took a position). Don't think I've ever seen volumes like this for CVN.
 
ktrianta said:
What do the chartists think?

Finished on its highs yesterday on huge volume which I think is meant to be very bullish.

is this correct?
Click to expand...

Personally, I use 10 EMA and 30 EMA on a chart. When the 10 crosses above the 30 and the price is above both MA's I really really like.

In CVN's case this happens on the 2 year daily, 2 year weekly and EVEN THE 2 year monthly!!! This is very very powerful in my opinion. It will take a lot of selling energy to penetrate this move upwards.

Also to support this, I use price and volume analysis. Taking the 2 year monthly charts, this months (MAY 2009) volume (over 120million) alone is going into much less volume at 70c to 80c which occured in may/june in 2008 (41 and 91 million) and also volume in dec 2007/jan 2008 (106 and 88 million). This is a very bullish sign too!

I may be wrong but this is my own analysis. I would just like to say I own this stock so I have a bias. But one thing is that I really LOVE CVN at the moment!

Good luck.
 
Like others on this link have been on this one for a while - like others on this link I am smiling. Sold some CDU to top up and, at the moment, think I did the right thing. I suppose only time will tell it was a smart move but at the moment its looking good
 
(AESUR) Sun Resources $5m Issue to Fund Oil Program in Thailand
June 01, 2009

(AESUR) SUN RESOURCES $5

Sydney - Monday - June 1: (RWE Australian Business News) - Sun Resources NL (ASX:SUR) has resolved to raise up to $5m through the issue of 100m shares at 5c each. Hartleys Ltd is broker to the offer.

The capital raising will ensure Sun is fully funded for its share of seismic costs in relation to Block L20/50, onshore Thailand, in joint venture with Carnarvon Petroleum Ltd (ASX:CVN).

ENDS

01-06 1034

(c) 2009 AAP Finance News Wire. Provided by ProQuest LLC. All rights Reserved.
 
Interesting time coming up on the chart one would think! I've still got a bit in the stock so will let it run with the stop close by.

 
Wow..hit 80 cents today before finishing up at .785. Had it broken 80 it would have been blue sky. I'm really thinking CVN needs an announcement to get over this line...seems a tough one to crack. Volume was definitely there today but it felt like people were selling into the momentum. Bit of a wall built up around 80 as well.

Wonder what the rest of the week will bring? Would love to see 80 gone and act as new support.
 
Chart looks loke cup and handle. Hoping for news like the new discovery north of NSE. Should break 80c then.
 
Is anyone expecting this to run much harder than 80c ??
The market cap has double in last few weeks and the broker targets are only 80c-90c.. I havent looked at CVN for a long but think I will jump out around here and wait for a bit of a retrace..
 
adobee said:
Is anyone expecting this to run much harder than 80c ??
The market cap has double in last few weeks and the broker targets are only 80c-90c.. I havent looked at CVN for a long but think I will jump out around here and wait for a bit of a retrace..
Click to expand...

Hi Adobee,

CVN experienced quite a sell off in the beginning of the day but clawed back nicely to close at its highest price ever of 0.81. This is significant as CVN had tried to break 80 cents 3 times prior to this and failed. The volume has also been well up for this attempted push through and this area is now blue sky. As noted earlier, I am hoping that 80 now acts as support and we dont just fall right back through it. In saying that, I also expect a substantial holder notice or 2 to pop up...which might mean that before this happens (it may not) we might see this continued high volume and increased price.

Also have to look at the overseas markets and the POO. FWIW, i'm long CVN but if it were me looking to sell, i'd probably pop an order in around .795 to see if that .80 can hold. But eh...i'm a n00b.

JTLP
 
I think a substantial holder notice will pop up very soon. Volume has been well up. 16 million went through a few days ago.

DYOR
 
adobee said:
Is anyone expecting this to run much harder than 80c ??
The market cap has double in last few weeks and the broker targets are only 80c-90c.. I havent looked at CVN for a long but think I will jump out around here and wait for a bit of a retrace..
Click to expand...

In my opinion and from my analysis only, I use the high at 80c made in May 2008 and the low at 23c in Nov 2008 and its return to 80c in May 2009. Its a U shaped chart. From a book I've read there is a chance that the projected price target is the high subtract the low, plus the high. In CVN's case it would be 80 - 23 = 57. Then, 57 + 80 = 137c or $1.37. So heres my shortish target that will probably be by the end of the year.

My analysis only. Have a plan if you want to play out this theory, but at your own risk. CVN is still very promising in my books!
 
adobee said:
I havent looked at CVN for a long but think I will jump out around here and wait for a bit of a retrace..
Click to expand...
i did the same.
i jumped out yesterday, after holding for over 1.5 years.
took a handsome gain, but had to risk a lot of money for it.
besides, i was wanting to enter the real estate...but CVN kept me out of that, due to the pool of $$$ i had in there... my best, and only, performing stock in my portfolio (which i'm losing 60-80% of value )

waiting for that re-trace...



JTLP said:
Also have to look at the overseas markets and the POO. FWIW, i'm long CVN but if it were me looking to sell, i'd probably pop an order in around .795 to see if that .80 can hold. But eh...i'm a n00b.
Click to expand...
i've had a SELL for 0.795 for a few days and found it hard to sell.
finally, it went through yesterday...and i knew something is on the horizon, i.e. new oil discoveries, POO, etc.
taking that into account, i've always noticed mid-year, profit-takers sell and slow down the market. so, hoping that this would happen...i sold off my CVN parcel.
but i think i might have jumped ship too early...but that's my 20-20 hindsight, as i was getting nervous that the ASX broke 4000+ points and oil was creeping up higher, that something had to give for that 'inevitable' market correction that some talk about.

still...i'm keen on this stock and would jump in, when it drops to about 0.70 - 0.70 for another long term investment.

i really wished i had the guts to jump in at 0.23 several months ago.
 
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