>>>You asked Brother Bum, I hope you don't mind my analysis.<<<
Not in the least, Oh Sibling of the other Bum...btw, isn't he the generic one? <g>
>>>It's a classic technical move. The chart will clearly show that the last 5 times PTEN got above $20, it sold off to the $18 range. It's in a trading channel which indicates it's a weak performer.<<<
Without any news to blame it on, I suppose the technicals are the villains in this case. But as you've said many times before, the technicals can be read and interpreted in various ways. I'll be lazy, and refer you to my post #39046 to Jim p as an example of differences in our interpretation.
And in reference to your definitive statement above, I'd like to make a couple of comments...I know it's picky to point out, but dear ol' PTEN exceeded $20 only 4 times with a follow up retreat to $18. The 5th, last Thurs. made a new 3yr high above$20 on its close with increasing volume, and opened on the positive side Fri morning. Not to say that alone was a particularly bullish signal, but I seem to recall that when stocks make such horizontal trading channel patterns like this, that if they do break out to the upside, these patterns lend strength to the breakout move...I'm probably wrong with this conclusion, but I was relying on these signs when I made my flawed decision that PTEN would generate an appreciable intra-day gain. If your intesive study of T/A contradicts my conclusion about such a base lending strength to a breakout, I'd willingly stand corrected. This 2 yr chart of NE seems to bear out my possibly faulty recall, however.
>>>http://stockcharts.com/def/servlet/SC.web?c=NE,uu[h,a]dacayyay[de][pb30!b20!f][vc60][iut!Lc20!La12,26,9]&pref=G<<<
I hope you guys don't take offense at what might be construed as carping at your considerate responses to my queries...it is made in the spirit of fleshing out our respective theories and analyses in order that we all can make improved judgements in our investing efforts...an endeavor that I feel you probably join me in.
I'm still hoping to hear some other theories from this board as to PTEN's screwed up behaviour last Friday. My trading resulted in about a $200 closed out gain, but with about a $600 book loss on PTEN. I'm hoping to see some strength tomorrow to enable me to recoup some of that book loss. The local Dallas tv weather tonite spoke of a looming significantly cold incursion into the Dakotas for tomorrow, with the probability that it will flow into the mid-sections the rest of this week...hope he's right. We shall soon know!
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