PSA - Petsec Energy

[eMark]

Almost a month since I last posted in PSA. I have to agree Snake, PSA has hovered around the 60's for a while now, topping at 2.74, and reaching a low of 2.46 yesterday, albiet with 2 gas discoveries in the last few weeks. What's it gonna take? Not one affected by general market fluctuations.

Any further update Yogi-in-Oz?

eMark

Mark,

A rejection of $2.60 with previous weak upward movement. Looking back at May there is certainly less interest in the stock at the moment.
Snake :drink:

 

[eMark]

bump...

 

[It's Snake Pliskin]

Hello Barney,

How have you been?

Give me a chart on PSA. Is it up or down? What time frame?

 

[barney]

Hello Barney,

How have you been?

Give me a chart on PSA. Is it up or down? What time frame?

Howdy Snake,

Gotta be honest ... I'm a bit confused about PSA atm but I'll have a crack at it. Imo the downtrend looks to be flattening out It seems to be resisting the $2.40 level, so if it can hold above that over the next day or so, that would be positive. The longish tails on the daily prices indicate a possible bounce back. The heavy volume on the 10th shows a lot of interest (and the day was up) Could possibly drop a little further considering the daily price range, but I'd be expecting some consolidation of the sp (hopefully some upward movement with that good volume) Time frame: looks like a possible trend reversal within a few days. (The twiggs money flow is diverging from the sp as well)

What do you reckon its up to? Cheers Barney.

PS Chart did not upload will try it again

 

[barney]

Chart PSA

 

[It's Snake Pliskin]

Howdy Snake,

Gotta be honest ... I'm a bit confused about PSA atm but I'll have a crack at it. Imo the downtrend looks to be flattening out It seems to be resisting the $2.40 level, so if it can hold above that over the next day or so, that would be positive. The longish tails on the daily prices indicate a possible bounce back. The heavy volume on the 10th shows a lot of interest (and the day was up) Could possibly drop a little further considering the daily price range, but I'd be expecting some consolidation of the sp (hopefully some upward movement with that good volume) Time frame: looks like a possible trend reversal within a few days. (The twiggs money flow is diverging from the sp as well)

What do you reckon its up to? Cheers Barney.

PS Chart did not upload will try it again

Hi Barney,

The 8th: who is selling? Plenty of supply. Weakening holders maybe so maybe accumulation by those more in control. High volume and a small price spread could only mean weakness. Look at today. A drop lower than the 8th and it finished lower - low volume on that spike. It could test $2.20 ish

Take care
Snake

 

[barney]

Hi Barney,

The 8th: who is selling? Plenty of supply. Weakening holders maybe so maybe accumulation by those more in control. High volume and a small price spread could only mean weakness. Look at today. A drop lower than the 8th and it finished lower - low volume on that spike. It could test $2.20 ish

Take care
Snake

Snake, Just guessing, but the 8th high volume day did finish on the high, so there were obviously a lot of people prepared to buy the stock at that price as well as sell?? (and the general market was down on the 8th). Could the fact that today, even though a down day may show some sign of resistance; rejected the low spike and finished in the upper half of the days range, and the low volume might be signalling the last of the sellers?, or am I looking too hard for positives?
Even though it looks a bit iffy atm I always ask myself would I consider shorting a stock in this position, and this one I wouldnt be game to take that punt ? What do you make of the Twiggs divergance. Its pretty contrasting to the SP.

 

[It's Snake Pliskin]

Snake, Just guessing, but the 8th high volume day did finish on the high, so there were obviously a lot of people prepared to buy the stock at that price as well as sell?? (and the general market was down on the 8th). Could the fact that today, even though a down day may show some sign of resistance; rejected the low spike and finished in the upper half of the days range, and the low volume might be signalling the last of the sellers?, or am I looking too hard for positives?
Even though it looks a bit iffy atm I always ask myself would I consider shorting a stock in this position, and this one I wouldnt be game to take that punt ? What do you make of the Twiggs divergance. Its pretty contrasting to the SP.

Firstly: is it a divergence or a convergence? Twigs I can't talk about - maybe coincidence.

If the 8th had a wider spread, then finishing on the high would have more weight. That weight would have translated in to a follow through maybe.

A down day with light volume resisting isn't too bullish, a small spread too! If it is the last of the sellers where are the buyers?

Try looking for negatives.

Regards
Snake

 

[barney]

Firstly: is it a divergence or a convergence? Twigs I can't talk about - maybe coincidence.

If the 8th had a wider spread, then finishing on the high would have more weight. That weight would have translated in to a follow through maybe.

A down day with light volume resisting isn't too bullish, a small spread too! If it is the last of the sellers where are the buyers?

Try looking for negatives.

Regards
Snake

Good point on the "buyers" . I don't recall seeing this in a chart very often where an out of the blue high volume day is followed by such a contrasting low volume day. Usually the reversal day has high volume as well .......... interesting ........... Would you short this one atm Snake? I'm guessing you'd be looking for further confirmation before doing that? Cheers Barney.

 

[It's Snake Pliskin]

Good point on the "buyers" . I don't recall seeing this in a chart very often where an out of the blue high volume day is followed by such a contrasting low volume day. Usually the reversal day has high volume as well .......... interesting ........... Would you short this one atm Snake? I'm guessing you'd be looking for further confirmation before doing that? Cheers Barney.

Good Morning Barney,

That high volume day was most probably accumulation which may take time to effect higher prices. Often you can see high prices with high volume come in chunks - 2-3 days before they drop off.

Would I short it? Not yet.

If it is not bullish is it bearish? Answering this may help. If it is neither why take a trade?

Snake

 

[eMark]

Regarding PSA's recent announcemnet "Shareholder Purchase Plan" at $2.40.

My question is to those who have participated in this type of thing before.

Why would you participate or purchase shares at this price when the current share price is below $2.40. The closing date is mid January, but even still surely it's success depends on the current share price being well above $2.40 asking price within this offer to make it attractive.

 

[barney]

Good Morning Barney,

That high volume day was most probably accumulation which may take time to effect higher prices. Often you can see high prices with high volume come in chunks - 2-3 days before they drop off.

Would I short it? Not yet.

If it is not bullish is it bearish? Answering this may help. If it is neither why take a trade?

Snake

Hi Snake,I agree. It is obviously neither Bearish (maybe short term) nor Bullish atm, so its a "mexican standoff". My limited experience still indicates a bounce up (it looks like it might hit low $2.30's), but I would be guessing a return to $2.50 ish within a week (ish), but that is only based on a broad analysis ..... time will tell ........ PS I'd be surprised if it hit $2.20 in the near future, but you know my experience with this stuff!! Good practice just the same ........ All the best, Barney.

Hi Emark, I guess that the $2.40 target gives more creedence to the theory that the sp should bounce higher, but who knows??

 

[It's Snake Pliskin]

Why would you participate or purchase shares at this price when the current share price is below $2.40.

Exactly!

 

[It's Snake Pliskin]

Hi Snake,I agree. It is obviously neither Bearish (maybe short term) nor Bullish atm, so its a "mexican standoff". My limited experience still indicates a bounce up (it looks like it might hit low $2.30's), but I would be guessing a return to $2.50 ish within a week (ish), but that is only based on a broad analysis ..... time will tell ........ PS I'd be surprised if it hit $2.20 in the near future, but you know my experience with this stuff!! Good practice just the same ........ All the best, Barney.

But it might go there though after some consolidation or slow trending action.

$2.33 last price. Look at today's price action then what happened leading up to it. It looks weak.

 

[barney]

But it might go there though after some consolidation or slow trending action.

$2.33 last price. Look at today's price action then what happened leading up to it. It looks weak.

It does look weak. You could see that 2-3 days ago .... I can see it now ... experience can certainly save money ..... Its been a good lesson regardless .... Would it be fair to say, If it tests $2.20 , it would be at least a week b4 it got that low?? It does look like it could still bounce off around $2.30 though.
Had a bit of a read through some of their fundamentals and can't really understand why the sp is diving so much ..... seems to be a bit of potential ..... but who knows about what makes a share price tick at times .... Cheers Barney.

 

[It's Snake Pliskin]

Barney,

What's happening with PSA now?

 

[eMark]

PSA 2.12 - WTF?!!

 

[barney]

Barney,

What's happening with PSA now?

Howdy Snake, You nominated this could happen over 2 weeks ago. That is impressive analysis. The volume on the downtrend has been fairly consistent to date, so until we see some evidence of the slide abating, it looks like it will continue, Apart from the price of oil dropping are there any other fundamental reasons why it is diving like this?

I guess its a sit and wait for a reversal scenario now. Its too late to short, and its too early to try and pick the bottom (imo).
Iv'e had a few stocks with charts like this ........... not pleasant when its happening All the best to any current holders, Barney.

 

[It's Snake Pliskin]

PSA 2.12 - WTF?!!

eMark,

Could you elaborate on your WTF? comment above please?

 

[eMark]

G'day Snake

Think about it. It's a reactionary statement (3 words, first letter of each). Not acceptable on this forum.

eMark

eMark,

Could you elaborate on your WTF? comment above please?