CVN - Carnarvon Energy
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How exactly did you purchase those shares together? Are they under some sort of joint fund or did you and your friend combine your money and buy the stocks under one of your accounts?
Yes we combined money and bought in the two names, over the years we got a couple of dividends cheques, but they were only small and in joint names so we didn't do anything with them. We never expected anything to come of it. 
They were bought back in 1990 I think, at 10 cents.
They were bought back in 1990 I think, at 10 cents.- Joined
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I'm not sure exactly what I can write that wouldn't constitute financial advice, but I believe off market transfers into two seperately owned accounts is one option - but as always DYOR and consult a licenced financial advisor/accountant.
I would strongly suggest creating a new topic on the forum describing your situation - you'll be able to receive more concrete advice because a few people on this forum are licenced advisors or accountants.
I would strongly suggest creating a new topic on the forum describing your situation - you'll be able to receive more concrete advice because a few people on this forum are licenced advisors or accountants.
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I'm surprised to see that no shareholder notice has been posted yet. Volumes have been solid and at very high levels. Good support of the price at the moment, i'm thinking that the stock could be preparing for the next leg up.
I'm interested to hear anyone else's thoughts?
I'm interested to hear anyone else's thoughts?
Garpal Gumnut
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I would not necessarily agree, on a technical basis.
The way forward is uncertain on a daily chart, enclosed, a candlestick chart which shows some indecision presently in this uptrend. A weekly not included may be forming a spinning top.
Should you notice a bearish black pattern on your candlestick chart of this beaut little runner, it may be time to question whether CVN is going to retrace for a while.
I do like candles. So illuminating when there is doubt.
gg
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Thank you for taking the time to post your analysis Garpal Gumnut. I'm still a beginner when it comes to technical analysis so your warning is very much welcome! It'll be interesting to see what forms over the coming days.
Garpal Gumnut
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Yes, its exciting watching a good runner like cvn pan out.
I've been watching closely and noted an amazing pattern since its recent lows close to 25c.
It seems to have found a support/resistance at 15c intervals 25,40,55,70 and now 85c.
It may be useful for traders watching this little gem, if it should retrace, or if it were to break above 85c it may signal an opportunity to go long again.
gg
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That is a very interesting observation. Have you seen a support/resistance pattern like this before? Would it be unreasonable to conclude that provided the stock doesn't fall below the 70c resistance level, it would be worth holding long?
Garpal Gumnut
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You often see this pattern but usually at significant price points, 10c and multiples, $1, $2, $10, $25 and multiples of $10.
Look at some of my posts on RIO from last year, and you will see where that stock obeyed these important price levels.
A stop loss, or entry is an individual thing.
It depends on your timescale and trading horizon.
gg
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It's interesting to note a similar pattern emerged between July 07 to Nov 07. From what I can gather, support/resistance occured at 25c, 35c, 45c and 65c. Bear in mind i'm a beginner when it comes to TA but to me the resemblence is uncanny! Of course past performance is not an indicator of future performance and all that, so it may be an invalid comparison :
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Garpal Gumnut
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It's interesting to note a similar pattern emerged between July 07 to Nov 07. From what I can gather, support/resistance occured at 25c, 35c, 45c and 65c. Bear in mind i'm a beginner when it comes to TA but to me the resemblence is uncanny! Of course past performance is not an indicator of future performance and all that, so it may be an invalid comparison
Mate, we might have to send Joe a $20 note each and request him to remove both these posts.
Thanks for pointing that out.
Interesting.
gg
prawn_86
Mod: Call me Dendrobranchiata
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Im sure any moderator will oblige if enough of the green crosses our palms
You can spare more than a $20 gg
Garpal Gumnut
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Im sure any moderator will oblige if enough of the green crosses our palms
You can spare more than a $20 gg
lol
We can run but cannot hide!
OK $100 is yours if you delete all posts tonight about CVN.
Do we need to let the ASX know about this??
lol
gg
Garpal Gumnut
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The chart for CVN is very interesting at present.
It is in a trading range, and if it breaks up or down, the direction may signify a further buying opportunity or time to take profits.
Its upward move has not been matched by an increase in volume and sellers are appearing as it approaches 90c.
CVN will provide many text book interpretations in future TA books, in its behaviour over the last 18 months.
gg
It is in a trading range, and if it breaks up or down, the direction may signify a further buying opportunity or time to take profits.
Its upward move has not been matched by an increase in volume and sellers are appearing as it approaches 90c.
CVN will provide many text book interpretations in future TA books, in its behaviour over the last 18 months.
gg
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Personally, i'm ignoring the volumes on the 28th and 29th of May as they are anomolies due to the announcement of the discovery of oil wells. I feel that they're not indicative of the real volume. If you look at the volume for the past 2 weeks, it's been sustained all through the price increases. Looking at a 21 day moving average, my opinion is that the volume has supported the price move.
I think that the upper resistance line you drew will be key - my belief is that the current volumes will push against the resistance line once more and if the sellers overwhelm the buyers again, without closing above the upper resistance, we'll be heading into a pullback period.
We'll have to see what the appetite is for this stock this week - it's still a bit too sideways for my liking.
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CVN has been hammered these last 2 days. Volume is sitll up but I suspect a fair amount of profit taking has been in order (it has had a fantastic run for the last 3 months)...although intraday it is a bit disappointing to see 80 cents didn't hold as support.
Still waiting on drill results...if they aren't good then CVN could be in trouble...
Still waiting on drill results...if they aren't good then CVN could be in trouble...
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Yeah I was hoping there'd be some support above the 0.80c mark. The drops over the past 2 days have been really strong, I agree with you about the profit taking. I think yesterday people crystalised some gains and today we're seeing a bit of a panic sell due to yesterdays fall.
Oh well, at least I get a chance to take advantage of this pullback and pick up some more stock.
*Fingers crossed i'm right about the pullback though... or it's lookout belooowwwwww*
Oh well, at least I get a chance to take advantage of this pullback and pick up some more stock.
*Fingers crossed i'm right about the pullback though... or it's lookout belooowwwwww
*I have been reducing my position over the last two weeks and completely sold out on Monday in the mid eighties. I believe CVN has run past fair value and is in 'blue sky' territory, my reasons are as follows.
Commsec (not sure if includes latest discoveries) P/E 24.0. Even with latest wells it is still above fair value. EPS growth still looks good 2009 = 3.5c, 2010 = 10.3c, 2011 = 17.3c.
Pattersons broker report (19/5/09) target price $0.75 inclusive of L44-W @ 1,220 BOPD. Does not include upside of this new discovery. Note the NSE-H3 discovery (28/5/09) @ 840 BOPD not included in above target price.
POO has increased dramatically in the last few months, I question if it is due for a pullback. I'm no technical analyst but I am concerned when I look at the recent run in CVN, it makes me nervous.
For now I am happy to sit on the sidelines and watch this one come down again. When I think it has reached fair value on its current operations and profits then I won't hesitate to get back in as I still hold this company in high regard with its future potential.
Commsec (not sure if includes latest discoveries) P/E 24.0. Even with latest wells it is still above fair value. EPS growth still looks good 2009 = 3.5c, 2010 = 10.3c, 2011 = 17.3c.
Pattersons broker report (19/5/09) target price $0.75 inclusive of L44-W @ 1,220 BOPD. Does not include upside of this new discovery. Note the NSE-H3 discovery (28/5/09) @ 840 BOPD not included in above target price.
POO has increased dramatically in the last few months, I question if it is due for a pullback. I'm no technical analyst but I am concerned when I look at the recent run in CVN, it makes me nervous.
For now I am happy to sit on the sidelines and watch this one come down again. When I think it has reached fair value on its current operations and profits then I won't hesitate to get back in as I still hold this company in high regard with its future potential.
