BEACH PETROLEUM - BPT

[ELYOB]

The Company’s total oil and gas reserves at 30 June 2008 to approximately 148 million barrels of oil equivalent (mmboe).

Big announcement this morning .... This may take a few days to sink ! but we are up at $1.09 atm

....the CSG and reserves announcement is big news ....maybe another surprise to come with a sales to fire it up ...

[Phaedrus]

To buy or not to buy? BPT is at a critical junction right now where one technician will say a double top has been confirmed while another will call this a bounce off resistance with a bullish divergence (OBV). Either it will be the best entry point in years or a very foolish TA entry.

I'm a bit puzzled by your comments, AMR. You say "one technician will say a double top has been confirmed". I have looked really hard at the last 3 years price plot and cannot see a single double top anywhere.

".....another will call this a bounce off resistance". I'm hoping you mean a bounce at previous Support! BPT has been in a trading range for years.

"....with a bullish divergence (OBV)" Whether you look at the short term or the long-term, the OBV has been essentially flat. BPT has been neither accumulated nor distributed.

"Either it will be the best entry point in years or a very foolish TA entry."
Entry at a bounce from a support level that has held for many years would be a very logical and sensible TA entry. Yes?

[AMR]

It looked like it was going to bounce but then ended up closing lower. Now would you suggest a double top has been completed?

[Phaedrus]

Ah, I think I now see where you are coming from. You view the entire trading range as a (possible) gigantic double top. Yes?

This formation does not qualify as a double top for many reasons.
A double top should have 2 distinct tops - this has 4 or 5.
There should be a clear valley between the peaks - this has 2 distinct separate lows.
The tops can be up to a year apart. These are over 2 years apart.
Most important of all, the tops should not be part of the same consolidation pattern. BPT has been in a consolidation pattern (a trading range) for two and a half years, so far.

[POSSUM THE CAT]

Is the share price being driven down for someone to get very cheap shares in the issue of shares to proffesional investors

[Dr_Who]

Is the share price being driven down for someone to get very cheap shares in the issue of shares to proffesional investors

Nope.

All oil stocks across the sector is getting hammered.

[ELYOB]

BPT is no worse than other midcap oilers ; and it is not significant in shorting . This is just a market sentiment thing . Traders are into this stock and out again as it is one of the more liquid stocks . When the market settles , the beach will move up quick as the traders will have more to stay for . If a insto starts feeding this will upset the present game . There is alot of Fund money on the sidelines apparently ...so it becomes a time thing ...

Strategy ; wait it out ; we have a big H2 08 ahead of us ....research that and you will see it is actually exciting

Hold BPT BPTO

[shasta]

BPT is no worse than other midcap oilers ; and it is not significant in shorting . This is just a market sentiment thing . Traders are into this stock and out again as it is one of the more liquid stocks . When the market settles , the beach will move up quick as the traders will have more to stay for . If a insto starts feeding this will upset the present game . There is alot of Fund money on the sidelines apparently ...so it becomes a time thing ...

Strategy ; wait it out ; we have a big H2 08 ahead of us ....research that and you will see it is actually exciting

Hold BPT BPTO

Ok, it's hardly a contrarian play, but BPT at $1 is getting a tad ridiculous

Im interested...

[AMR]

We now have a clear downwards breakout of the trading range. Standing clear for now myself, but waiting for that reversal.

[STRAT]

Oilers being smashed as everyone is saying seems a clear indicator which way the POO is going short term I reckon. The world forgot it was on daylight saving time.
Twilight? or is it still mid afternoon in the Desert?