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ROC - Roc Oil Company

Discussion in 'Stocks Q-Z' started by GreatPig, Aug 12, 2004.

  1. GreatPig

    GreatPig Pigs In Space

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    Thought I'd move this to its own thread.

    Looking closer at this chart, it appears to have just broken out of an ascending triangle. According to the Edwards and Magee book, if it can pull away from there, the upward target is around $2 to $2.10.

    Apparently these formations are quite reliable, with volume generally decreasing the further it goes towards the apex. However, an increase in volume might be expected once it starts to move, otherwise it might falter and fall instead.

    Current price according to Yahoo is $1.70 with volume so far of 646,481.

    Cheers,
    GP
     

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  2. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi GreatPig,

    just be careful on this one, this is a short term and hisk risk stock, only just yesterday dumped the stock, but, have an order in, to buy back at 1.67, yet... becareful of that red engulfing shaven long candle.... the share, is still waiting upon confirmation of a reversal...

    Cheers,
    sis
     
  3. GreatPig

    GreatPig Pigs In Space

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    Re: ROC Oil

    sis,

    Current price is $1.64, so it looks like it's slipping back into the triangle.

    Perhaps a case of premature evacuation ;D.

    GP

    PS: and now back up to $1.66. Go, baby, go - you can do it!
     
  4. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi GreatPig,

    Roc is a great stock to be trading at the moment, lots of volitilatiy and the support/resistance, is quite heavy on each side... though testing resistance at 1.80 is gonna be fun... just be weary though, if it doesnt, break resistance at 1.80, a nice double top, will appear and this stock will come back tumbling down...

    (its still on an uptrend right now... below is the intraday chart..) but for this stock, currently have the stop loss set at 1.62, looking to sell at 1.73 is the profit target for the moment, though could sell cheaper, throughout the course of the day, but will be buying back as soon as the stock is sold out....

    though, with the increase of oil prices, at newer heights each day... great stock to be moving in and out of...

    Cheers,
    sis
     
  5. still_in_school

    still_in_school

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    Re: ROC Oil

    Roc Oil Company 5 minutes Intrady Chart
     

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  6. still_in_school

    still_in_school

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    Re: ROC Oil

    Roc Oil Company 10 minutes Intrady Chart
     

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  7. still_in_school

    still_in_school

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    Re: ROC Oil

    Roc Oil Company 30 minutes Intrady Chart
     

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  8. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi GreatPig,

    have just readjusted my stop loss for ROC at 1.62 to 1.55 now, the stock is still following the trend, currently its down trending and from its fall the other day and misjudging on when to re-enter, have reposition the stop loss at 1.55,

    if the trend follows, as previously before and with the increase of oil, hopefully with the current trend and its predictions, the stock will trade down, to its trendline of about, 1.60, and bounce back up, and return back on course of trading near or above the 1.80 mark...

    Cheers,
    sis
     
  9. stefan

    stefan

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    Re: ROC Oil

    You may consider the fact that one of the directors was selling shares at $1.78. I would take that as a warning sign. Especially as he obviously did the right thing considering the drop that followed.

    Happy trading

    Stefan
     
  10. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi Stefan,

    thanks for the info, but just curious, how abouts did you come to that information?

    Cheers,
    sis
     
  11. stefan

    stefan

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    Re: ROC Oil

    Sis,

    Released on 12/08. Check ASX website:
    A total of 181'472 ordinary shares comprising 21'472 ordinary shares at $1.78 held by Ferrier Hodgson Pty Liminted and 160'000 shares at $1.7763 held by Ferrier Hodgson Investments Pty Limited.

    Have a nice weekend

    Stefan
     
  12. still_in_school

    still_in_school

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    Re: ROC Oil

    Thanks Stefan...

    ... im glad for this forum board... :)

    Cheers,
    sis
     
  13. stefan

    stefan

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    Re: ROC Oil

    Sis,

    No problemo.

    So am I... ;)

    Does the director selling actually change your view in any way? Or do you still stick to your posting?

    Just interested to read your opinion. Been watching ROC for a while but never traded it.

    Happy trading

    Stefan
     
  14. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi Stefan,

    In all honestly, tomorrow morning between 10.00am - 10.30 am will dictate (normally, never ever trade till after 10.30 - personally have always waited for the market to settle, and then try to get a clearer depth of the market direction of a particular stock),

    will try to gather the market direction/depth, but if there is a lack of volume and heavier buyers at a lower bid, could end up dumping the stock immediately, though, i did note last week there was a change of directors, and noted that the price did fall, that day, though i had no idea, that there was a director pumping and dumping his own stocks, since that day, do recall the market has been weaker, though its trending down from the 1.65 mark...

    ... though from, looking at the charts, my expectations, ... the T/A was showing that a downtrend was expected and that the stock would bounce back up off, 1.60 mark... and another bull market rally would follow, if the expected trend is to follow....

    .... though, tomorrow morning will be sitting and ready to dump the stock, if there is some very bearish movement, if not, will stick to the T/A, .... and repostion all new conditional stop loss and resistance sells....

    Cheers,
    sis

    ps.. Stefan, will post an update of the stock tomorrow morning, but... lol dont be surprise... if i dump the stock first thing in the morning, if there is downtrending gap... :)
     
  15. GreatPig

    GreatPig Pigs In Space

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    Re: ROC Oil

    Just what I need - a right-triangle that's not doing what it's supposed to ;).

    GP
     
  16. stefan

    stefan

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    Re: ROC Oil

    Sis,
    LOL... If only one could check a website to see what's going to happen the next day.

    So the chart is predicting a bounce at 1.6. Lets see what the market has to say about this.

    Happy trading

    Stefan
     
  17. JetDollars

    JetDollars

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    Re: ROC Oil

    Does T/A really can predict like what you said SIS?

    Can wait to see the result b/t 10:00AM to 10:30AM
     
  18. GreatPig

    GreatPig Pigs In Space

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    Re: ROC Oil

    Looks to be heading up again without reaching the bottom line of the triangle.

    I think that's a good sign, in that it might continue to push up through the horizontal line at $1.69 again soon.

    Cheers,
    GP
     
  19. still_in_school

    still_in_school

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    Re: ROC Oil

    Hi Guys,

    still holding on too position, not much change, but current trend prediction seems to be still falling into place, though there is some bullish rallies that are going through and trying to drive the price back up... (personally i dont see that sustainable, IMHO the trend is being set.)

    current intraday chart below shows the heavy support and resistance at the 1.65/1.66 mark
     
  20. still_in_school

    still_in_school

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    Re: ROC Oil

    Current Market Depth,

    some big fish players on either side...

    Cheers,
    sis
     

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