Thoughts on OML...

[DCTrader]

Any reason NOT to buy this at the moment? Seems to be bouncing off 3 different support levels; upward support line from June 06, horizontal support and the 200 DMA. MACD crossed over and heading up to break the 0 level. RSI also bounced off the bottom. Maybe I'm talking rubbish but was keen to buy this on Friday and with today's jump it looks good... Maybe some more downside under the 200 DMA then a sharp bounce up. Any thoughts?

[Tango]

haha - DC, it looks like we are seeing the same things on a number of shares. I committed to buy OML on any strength today, and I got my signal. OML is has tested the 200D MA's (twice), and showing positive diverge between price and indicators. Friday's move plus today's close shows a potential reversal.

[DCTrader]

Did you get in today?

[#4]

Tango, IMO I see no strength on this share perhaps if you can give it couple of weeks as the RSI, ROM and OBV (15/65WMA) are facing south.

[Wizard]

Double bottom on 200 DMA. The RSI is very bullish for my money! Going up not down

[#6]

agreed up for me

[kr_pto]

i too would wonder if it is maybe still too early to tell? the share is technically in a short bear phase, based on 35, 40, 45, 50 and 60 day MA arrangement. volume has picked up nicely in march, but mostly downward pressure. strange that OML hasnt recovered at all from the end feb market dip, whereas a lot of other shares have recovered and some close to pre dip levels or above.
I agree RSI has broken resistance and maybe OBV too, but only just today, so maybe too soon. for my money is worth losing another couple days upside to confirm it is moving up.
when/if it does trend back up though, has some nice ground to regain! will be watching this one closely.

[#8]

Bought on Thursday last week. INet has also upgraded this share from a Hold to a Hold+ on Friday last. I noticed some strong purchases in the last half hour of business today. I expect this share to test 2400 and higher in the next day or so and possibly recover some of it's "pre-bouncing cat" sell-off a couple of weeks ago. All of course if the markets play nicely this week. Holding thumbs for OML. Perhaps by next year this time this share may be touching 3500 to 4000 the way I see it going?

[Tango]

Yes, I bought yesterday. But I haven't worked out all the mechanics of the CFD platform I'm testing, and so ended up taking a tiny stake. I'll see how it goes today and possibly top-up. Augy - you are right, recent history for OML is not great. But there are different trading styles possible - for me this is a very low-risk trade... OML has tested long-term support twice and it has held. Technical indicators tell me it's going up. The cost of being wrong is tiny - if it turns south I'm out very quickly. The reward for being right is that I catch most of the move. The last 2 days have played out the reversal pattern I was expecting to see.

[DCTrader]

And as usual the trade moves against me....

[Tango]

Don't worry about it unless your stop is hit. If you are trading on end-of-day data, have a look at what's happening this afternoon.

[DCTrader]

Yip Tango, making an effort to only focus on EOD prices from now on... you get burnt if you make decisions on intra highs and lows... Although I did use the dip to 23.52 to buy a few more instalments.

[#13]

Anyone else see a fan formation on their chart(drawing from the high on 26th feb),or are these usually confined to currrency markets?

[DCTrader]

Possibly... but very short term to draw a fan formation isn't it? Hoping the 3rd assumed fan line will be broken... that would indicate a strong upward movement is likely right?

[DCTrader]

Talking of fan formations... with the high of 21/11 forming the origin, could one draw a fan formation extending to the highs on 30/11, 15/12 and 2/1? Once it broke the 3rd line it moved up nicely. Are these valid points to use for the highs?

[kr_pto]

Doesnt look good today. But still a good one to watch and be patient with. With time, i think she will confirm her intentions to move upwards.

[DCTrader]

I think the strong rand weighed her down a bit today... it was up in London so hoping for the rand to see its ar$* soon... jokes... graph does look promising... only a matter of time.