SWK - Swick Mining Services
- Thread starter benwex
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another news comes out.
providing 3 rigs for HEG as well.
nice.
this is getting better and better.
providing 3 rigs for HEG as well.
nice.
this is getting better and better.
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CGM own their own rigs in South America and are leasing them out in Brazil.
CGM have some projects in WA where they may need the SWK services.
CGM have some projects in WA where they may need the SWK services.
Garpal Gumnut
Ross Island Hotel
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I've followed swk since a few articles in the afr this year.
Enclosed is a chart.
Sorry if its a bit crowded.
It goes from nov dec 2006 until now.
The yellow trend line is the only true trend support line I can find that hasn't been violated by price retracements.
I've also done some trend channels.
Many believe in these with great zeal. They are useful.
The initial line I used for these were the recent low and the low in August.
I've also put in a fibonnaci retracement from the recent highs to those lows last year.
I note the price is on the up again but on low volume. So it may retrace.
In a trend channel a stock will often get halfway up or down a channel and then head the other way.
It is interesting that the lowest channel line, that is parallel and equidistant to the initial line will meet the long term trend line aand the 61% fibonnaci retracement quite soon.
Lets hope dubya doesn't choke on a chicken bone, as if he did, Cheney would take over. This might lead to a severe market correction, and this is where I'd buy into swk at about $1.10.
Conversely if both Cheney and bin Laden both choke on chicken bones watch for swk to track between the extremes of the middle channel whch may provide a 25% profit buying at the low and selling at the high.
gg
Enclosed is a chart.
Sorry if its a bit crowded.
It goes from nov dec 2006 until now.
The yellow trend line is the only true trend support line I can find that hasn't been violated by price retracements.
I've also done some trend channels.
Many believe in these with great zeal. They are useful.
The initial line I used for these were the recent low and the low in August.
I've also put in a fibonnaci retracement from the recent highs to those lows last year.
I note the price is on the up again but on low volume. So it may retrace.
In a trend channel a stock will often get halfway up or down a channel and then head the other way.
It is interesting that the lowest channel line, that is parallel and equidistant to the initial line will meet the long term trend line aand the 61% fibonnaci retracement quite soon.
Lets hope dubya doesn't choke on a chicken bone, as if he did, Cheney would take over. This might lead to a severe market correction, and this is where I'd buy into swk at about $1.10.
Conversely if both Cheney and bin Laden both choke on chicken bones watch for swk to track between the extremes of the middle channel whch may provide a 25% profit buying at the low and selling at the high.
gg
Attachments
Thanks gg.
Forgive my ignorance in these matters, but could you not assert that the August low/recent low trend line has become a new support level?
Could you please also point out the fibonacci retracement which is not apparent to this uninitiated.
Forgive my ignorance in these matters, but could you not assert that the August low/recent low trend line has become a new support level?
Could you please also point out the fibonacci retracement which is not apparent to this uninitiated.
Garpal Gumnut
Ross Island Hotel
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Thanks gg.
Forgive my ignorance in these matters, but could you not assert that the August low/recent low trend line has become a new support level?
Could you please also point out the fibonacci retracement which is not apparent to this uninitiated.
Thanks oldblue, the post was done in a hurry as Mrs g was expecting visitors and I had to go to bunnings for bbq fuel. Enough of domestic harmony. You are correct price did tend to tarry at the previous consolidation area and swk found support there, interestingly since its recent high this was a 61% retracement.
Using the august low as a level of support is resasonable and would add more weight to my argument if it retraces.
Google Fibonnaci , son of bonnnaci, a brilliant Italian of long ago after whom these fractions and retracements are named. Ancient Egyptians used the numbers in building the pyramids and if you measure your doorway or monitor and divide length by height you'll probably find a fib ratio pop out of the pen. All to do with numbers which as they increase and divided by their antecedent approach the same number.
The Fib retracement is basically done by drawing a line from a significant low to a significant high and the looking at price as one retraces back at the 23% 38% 50% and 61.8& levels.
Lines are drawn back across the chart at these levels. Modern charting software does it for you. Amazingly price action can be see to cluster or change at these levels and is presumed to have the potential to do so in the future.
gg
Interesting stuff, gg.
I don't pretend to understand it all but is it significant that the SP has retraced to the 61.8% retracement and to the 38.2% line but has missed the 50% line ( so far)?
O course, if the SP rises above $2-30, the fibonacci retracement lines will need to be re-drawn.
....... and I thought moving averages and heads and shoulders was all there was to Technical Analysis!
I don't pretend to understand it all but is it significant that the SP has retraced to the 61.8% retracement and to the 38.2% line but has missed the 50% line ( so far)?
O course, if the SP rises above $2-30, the fibonacci retracement lines will need to be re-drawn.
....... and I thought moving averages and heads and shoulders was all there was to Technical Analysis!
Yes, its been a bit of a disappointment since I bought in a couple of months ago but then the whole market has taken quite a turn, hasn't it?
At this stage, I'm putting SWK's SP down to market influences and trusting that nothing has changed.
At this stage, I'm putting SWK's SP down to market influences and trusting that nothing has changed.
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swk sure turned pretty crappy eh?
i bought in at $1.29 a few months ago...there now at $0.45 lol
i dont see a rebound in the near future either
i bought in at $1.29 a few months ago...there now at $0.45 lol
i dont see a rebound in the near future either
Well, as luck would have it the company obliged with a trading update. Surely, they don't read Aussie Stock Forums?
Current conditions have prompted directors to trim their estimate of FY09 revenue by about 20% but this still represents 49-55% growth on FY08 revenue. Be doing pretty well to achieve this IMO.
New 4 year $48m debt facility obtained from NAB.
Market not impressed and SP marked down another 3.5c to 36.5c Still, it was a pretty tough day all round.
Current conditions have prompted directors to trim their estimate of FY09 revenue by about 20% but this still represents 49-55% growth on FY08 revenue. Be doing pretty well to achieve this IMO.
New 4 year $48m debt facility obtained from NAB.
Market not impressed and SP marked down another 3.5c to 36.5c Still, it was a pretty tough day all round.
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It's tough times for most mining/exploration services companies at the moment. There are a lot of current and booked drilling programs being cancelled as budgets are slashed and belts tightened.
Here in Kalgoorlie there are quite a few drill rigs parked up. Drilling companies a calling around looking for work.
Here in Kalgoorlie there are quite a few drill rigs parked up. Drilling companies a calling around looking for work.
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Swick in a trading halt.
It looks like a capital raising is on the way. Let's hope that it's not too dilutive, preferably a rights issue at a reasonable discount to the current SP and not a huge giveaway to some hungry underwriter!
Not as large as the one BLY will need! Make's you wonder who will be running all these capital raisings. Plenty of underwriters might be quite tentative at the this stage of the market for sure.
Not as large as the one BLY will need! Make's you wonder who will be running all these capital raisings. Plenty of underwriters might be quite tentative at the this stage of the market for sure.
Underwriters have done very well out of the spate of issues so far.
I would expect that to continue but of course they may tighten the terms and increase their fees if the market turns against them. Smaller companies like SWK may have to pay a bit over the odds.
SWK announcement made of $8.2m placement and $6.3m pro rata non renounceable entitlement issue underwritten by Euroz Securities.
Issue 1 for 10 at 36c, Record Date 1 July.
Funds will be used "to strengthen the balance sheet, maintain North American market push and support Australian growth opportunites."
The company has a record number of rigs in work - 43 out of 51. Utilisation has improved gradually since January.
The shares are back trading - up 2c at 45c.
Issue 1 for 10 at 36c, Record Date 1 July.
Funds will be used "to strengthen the balance sheet, maintain North American market push and support Australian growth opportunites."
The company has a record number of rigs in work - 43 out of 51. Utilisation has improved gradually since January.
The shares are back trading - up 2c at 45c.
