PSA - Petsec Energy

[It's Snake Pliskin]

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.

Barney,

It's under the important MA, so any movement will probably be under it until:
1. It starts to accumulate under heavier volume consistently
2. All mentally abused holders stop SELLING

It all could be fundamental reasons for the slide. But how do you understand the stock you trade? By looking at its price. So I read the chart and go from there.

A technical opinion for you:

MAYBE:
Support at $2.18
Trendline rejection at $2.45
It keeps tanking to test $2.18

....maybe.

My analysis from September.

Regards
Snake

 

[It's Snake Pliskin]

G'day Snake

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

eMark

Emark,
Pretty much deduced that. I was looking for some comment on the price and what you have to say about it - like discussion.

 

[eMark]

Fair enough, I really didn't think it was that hard to work out

Ok. Whilst I'm not a chart expert and can't comment on that side with any real conviction, I do have a couple of thoughts.

Oil price? Sellers are running scared reacting to that? It's being punished. Panic selling? ("Well nothing's happening here, I'm getting out" - syndrome). Maybe gas discoveries aren't impressing anymore? Maybe the oil aspect in China is what the holders are waiting for.

What worries me is what I have discussed before. The capital rasing at $2.40 per share.....What capital are they hoping to raise when the on market price is around 2.12?

Honestly Snake, I don't know.....Feels like Hardman all over again. But we all know how that ended.

Emark,
Pretty much deduced that. I was looking for some comment on the price and what you have to say about it - like discussion.

 

[LifeisShort]

I don't know about you guys but there hasn't been any negative news coming from the company quite on the contrary....lots of positive exploration etc. The Negativity is more based on the oil price, plus the US is apparently going to raise royalties on petroleum/gas so companies like Petsec, Woodside will be affected. If you are looking long term then Petsec looks good.

 

[It's Snake Pliskin]

I don't know about you guys but there hasn't been any negative news coming from the company quite on the contrary....lots of positive exploration etc. The Negativity is more based on the oil price, plus the US is apparently going to raise royalties on petroleum/gas so companies like Petsec, Woodside will be affected. If you are looking long term then Petsec looks good.

That may be the case life is short.

But would you choose fantasy or reality?

 

[It's Snake Pliskin]

The capital rasing at $2.40 per share.....What capital are they hoping to raise when the on market price is around 2.12?

It is just that.

Why do share markets exist? The answer lies in the above.

 

[eMark]

Note to Yogi in Oz

Could be time for another update (astroanalysis) on where you think PSA is going.

The last 2-3 months have been very interesting to say the least, bouncing off 1.68, and maxing out again at 2.03. I'm finding this one very hard to pick, have given up on it at times, but it keeps drawing me back in.

Thanks in advance.

eMark

 

[Ken]

Interesting times for PSA. After presentation by chairmen valuing the company by brokers at $2.40 to $3.00

Up a 14%

Theres a fair bit of upside on this still if the brokers reports valuations come true.

The downward trend may have been broken today, but unlikely. I dare say theres a few people going short on this one still.

Buying now is better than buying at the top I guess.

 

[It's Snake Pliskin]

Interesting times for PSA. After presentation by chairmen valuing the company by brokers at $2.40 to $3.00

Up a 14%

Theres a fair bit of upside on this still if the brokers reports valuations come true.

The downward trend may have been broken today, but unlikely. I dare say theres a few people going short on this one still.

Buying now is better than buying at the top I guess.

Ken,
The top is only a hindsight reality.
Psa has been a shorter's dream for a while.

Did you buy or do you plan to?

 

[Ken]

The top is hindsight correct. Only tomorrow that matters. I used some profits to get into it.

Just going through a few broker reports, at current prices, PSA still seems undervalued. However its out of favour.

I picked up 1000 shares just as a bit of a gut feeling, I have another oil/gas play in ARQ, add to my long term list. No plans on trading it.

I don't like buying a stock in a down trend, but this one looks very undervalued, with a fair bit of potential long term. The downtrend will turn at some point with this one I feel, and everything was pretty upbeat today.

I got in at $1.545 so will just hold and if it falls a bit more no harm in getting another 1000.


Fundamentals have this trading on a very low PE.

 

[It's Snake Pliskin]

The top is hindsight correct. Only tomorrow that matters. I used some profits to get into it.

Just going through a few broker reports, at current prices, PSA still seems undervalued. However its out of favour.

I picked up 1000 shares just as a bit of a gut feeling, I have another oil/gas play in ARQ, add to my long term list. No plans on trading it.

I don't like buying a stock in a down trend, but this one looks very undervalued, with a fair bit of potential long term. The downtrend will turn at some point with this one I feel, and everything was pretty upbeat today.

I got in at $1.545 so will just hold and if it falls a bit more no harm in getting another 1000.


Fundamentals have this trading on a very low PE.

Ken,
I'll be watching it for a setup, though not a buy yet for me. I hope it goes well for you.
Cheers

 

[Ken]

Well the market is down 54 points, and PSA is unchanged really. So I guess thats a positive sign. Could easily have been a sell off after yesterdays gains.

Taking some profits.

Wouldn't surprise me if we saw some side ways action from here on in.

I think there are worse companies out there than PSA.

 

[It's Snake Pliskin]

Ken,

I would like to see a higher low form soon followed by another advance. If not we may see further weakness and we know what that entails.
Snake

 

[It's Snake Pliskin]

Hello Ken,

Sideways it is, but in a slight slant of a style.
Weekly and daily look similar. I am waiting for the sign.

 

[Ken]

I am going to make a very bold statement, and say that the worst of PSA has been felt, and that there is now more upside than downside.

Reasons that it was oversold, and its true value will be realised in the next 12 months.

Stocks can be overbought also, but i reckon PSA is a very good stock to be holding in the next 12 months.


I look at volume. and the biggest days trading would sugguest that it has stabilised some wait. I would be surprised if it dropped below $1.40.

I am watching this one very closely. Only hold small parcel, the graph reminds me of COE in the 40's. Some positive news must come, to get it really turning however.


It does take a lot for Oil/gas companies to come back infavour. ARQ prime example.

 

[It's Snake Pliskin]

I am going to make a very bold statement, and say that the worst of PSA has been felt, and that there is now more upside than downside.

Reasons that it was oversold, and its true value will be realised in the next 12 months.

Stocks can be overbought also, but i reckon PSA is a very good stock to be holding in the next 12 months.


I look at volume. and the biggest days trading would sugguest that it has stabilised some wait. I would be surprised if it dropped below $1.40.

I am watching this one very closely. Only hold small parcel, the graph reminds me of COE in the 40's. Some positive news must come, to get it really turning however.


It does take a lot for Oil/gas companies to come back infavour. ARQ prime example.

Ken,

Good to see the commentary. I too believe the worst is past this now.

At worst I think another hit at the low is possible, but certainly sideways for a while if not slightly to the upside.

I am watching for an entry.

Snake

 

[Knobby22]

I agree also.

It will be interesting to see if volumes rise when the reduced profit is announced.

 

[coinemas]

Hi Guys,

PSA SP suddenly rose at the end of trading with substantial volume. Close at 1.465, any one knows anything?

 

[It's Snake Pliskin]

Well, today I finally got my indication that I should start.
I am in and holding - sub $1.40...............

 

[Ken]

Do you think we have found bottom??

I think $1.33 was fitting that it bounced?

The downward trend over you say?


Looks like an over reaction to an announcement which was pretty much nothing..