Some oil stocks advice please

[happyhappyhappy]

Hi not sure if this question is ok to ask on here or in the right place but hopefully it is ok, so here goes,

I have two oil stocks that I have had for a while Dragon Oil (DGO) and Premier Oil (PMO) and probably, stupidly, I left them invested recently thinking they are doing well and would recover from any losses in this recent volotile period. Obviously they have suffered significantly and have eaten in to my profits.

Now I do not know what I should do for best. I was hoping that on here a few of you would look at these two companies and give me your opinions whatever they are.

I have started trying to learn how to use indicators and charts to much greater degree to what I have done before but I consider myself an amature with these at the moment.

One indicator I have looked at is the RSI on year charts and in both cases I would say it appears that these two company shares are about to go up and follow the trend of the last couple of years, do I have this roughly right or am I totally wrong?

I would hate to sell now and accept the lost profits, to invest elswhere only to then watch these two shares start soaring back up.

Any advice about these two comapnies or oil shares in general would be appreciated.

I am hoping there will be a few inputs here from various people and that will help me to make a decision which way to go next.

 

[gooseman]

oil is falling and the stock market is looking shabby. when did you buy these stocks?

 

[happyhappyhappy]

Both in February this year, but wished I had bought them earlier. So despite what I say about the RSI it looks like they wont be doing to well for a while? Where would be a good simple place to see which sectors are going up and which are going down?

 

[bauer]

PMO may find light support around 1180ish, bt a break there would see a drop down to 943.

I'm into Gann TA btw, Dragon looks a little more problematic, f it were to cleanly break the 288 level, then I'd expect a further fall to 143 longer term. However, it may find solid support where we are currently, nexyt few days should give you more inclination as to what will happen.

 

[Masquerade]

I'm in Dragon too - I wish I got out at 550; but that's hindsight. I like the 290 area on Dragon, i think fundamentally the company is strong and it's open to a lot of market manipulation. Nothing's changed fundamentally and this is the current level when oil was around $70/barrel yet it's now far higher so Dragon is generating more revenue. I see no reason to bail fundamentally, so i'll be holding unless something fundamental changes (and even if oil falls to $100 that's not enough for me)

 

[bauer]

(and even if oil falls to $100 that's not enough for me)

May fall a little further but I'm looking at the 110 area first of all.

 

[doberman]

Oil looks like 130$s by the end of this week

 

[Masquerade]

Bottom line is I don't care about the oil price unless it falls to $50 because Dragon was valued at around 280/290 when OIl was ~$70.

 

[bauer]

Would now be looking for support at 944 for PMO, dragon still holding on in there.

 

[bauer]

Would now be looking for support at 944 for PMO, dragon still holding on in there.

Dragon now looking a tad ropey, further fall down to 143 if 247 level doesn't hold.

 

[Lee Shepherd]

How long do we hold this Dragon Oil stock before we say enough is enough?

Where are the stops set? or are we just going on hope and hope alone cos 'fundamentally it seems sound' and we dont want to take a loss. If no one is buying it, it wont be worth anything, regardless of today's book value.

Aren't we supposed to trade WITH the trend?

Current price = 258

 

[butidonot]

I am hoping there will be a few inputs here from various people and that will help me to make a decision which way to go next.

 

[Lee Shepherd]

I am hoping there will be a few inputs here from various people and that will help me to make a decision which way to go next.

Ignore other's mate, look at the graph and if in doubt, get out.

You risk ignoring what others say that is bad and may hang on to things when people say your right, hang onto the stock.

What do you want to hear? better still, like I said, look at what the stock is telling you, look at the graph, this is a strong indication to what others are doing that actually hold the stock, or in this case, dumping the stock.

 

[bauer]

Ignore other's mate, look at the graph and if in doubt, get out.

You risk ignoring what others say that is bad and may hang on to things when people say your right, hang onto the stock.

What do you want to hear? better still, like I said, look at what the stock is telling you, look at the graph, this is a strong indication to what others are doing that actually hold the stock, or in this case, dumping the stock.

Dragon for me is heading to 143 now, chart looks horrific too, hope you aint holding too much!

Hoping for a bounce on PMO now too as it's reached a key level, otherwise it could go the same way, am tempted to go long for a short term punt.

 

[Lee Shepherd]

Dragon for me is heading to 143 now, chart looks horrific too, hope you aint holding too much!

Hoping for a bounce on PMO now too as it's reached a key level, otherwise it could go the same way, am tempted to go long for a short term punt.:!:

Since I posted (ref dragon oil) last the market has dropped over 12%, I of course did not know this was going to happen but re-read my post and head the warning....Look at what the graph is telling you. Dont fight the trend.

Based on my post....Why the fcuk would I want to be holding any of this sh1t long.

Also, traders dont punt, they make educated moves. Punt: you are simply gambling. As for going Long, maybe you'll make money this time but like I said, look at what the graph is telling you.

So, as per my other post, some of the others have gone quite, cant figure out why where is the stop set on dragon oil?
Price then 251
Price now 218

 

[bauer]

Based on my post....Why the fcuk would I want to be holding any of this sh1t long.

I was referring to the thread starter re: not holding too much, quoted the wrong post.

Also, traders dont punt, they make educated moves. Punt: you are simply gambling. As for going Long, maybe you'll make money this time but like I said, look at what the graph is telling you.

An Educated punt i prefer, all trading is gambling.

My gut was tempted to take profits on PMO today, but my chart is telling me a bit more upto 1140-1150 is more likely.

FCX and Copper are today's new long positions. When the majority of the market expect or say one thing, generally the reverse happens, good profits can be made short term against the trend.

 

[Lee Shepherd]

I was referring to the thread starter re: not holding too much, quoted the wrong post.

:!:O.k fairplay, you can understand the reason behind it though when your quoting from my post and replying to it.:!:



:!:An Educated punt i prefer, all trading is gambling.

My gut was tempted to take profits on PMO today, but my chart is telling me a bit more upto 1140-1150 is more likely.

FCX and Copper are today's new long positions. When the majority of the market expect or say one thing, generally the reverse happens, good profits can be made short term against the trend.

:!: mmm, interesting line! I wont bother to respond as I'm burnt out with stupid posts at the moment and instead should be down the pub. I'll leave it for someone else to bash it out.

 

[bauer]

Hoping you got out of Dragon in time, but theres now a decent level of support for a short term play, triple bottom formed so could have a exuberant rise in the coming days, close stop though, and weakness and its heading south to 57!

Still confident of 473on PMO in the long run too.

 

[Lee Shepherd]

This thread is another prime example of people not listening.....to the market and what its telling them.

When this thread was opened Happy Happy Happy (not so now) asked what to do.

The price at time of thread was around 300, was advised to look at the chart and see the bigger picture. If Happy was worried at this stage it makes me wonder what level they got in at.

Instead of taking heed and cutting the losing trade, instead found solace in Masquerade who was also holding the stock Long, at that time was around the same price.

We've now seen the stock go as low as 105, thats 65% off the entry level....dear God.

You guys have posted entries but left out the main part....the exits.


So, Masquerade....how did you handle this trade, it would seem that Happy got badly burnt, what about yourself. Blind leading the blind maybe.

Come guys, lets start opening our eyes to what the chart is telling us.

There is profit to be made but only if you're on the right side.

At best this stock should have been shorted when I noticed it at 258 back in late August.
At worse this should have been dumped and losses cut.

Over the last 4 weeks trading it would seem to be consolidating, this could be the start of the bottom but yet still no general direction is present. If you want to get back in on this trade then wait until you can see the train moving in the direction you want to go then jump on board.


Masquerade, if you open a trade mate you must close it, dont just hope it will go away, although it will if it reaches zero.