Is the market is gearing towards a breakout in oil drilling/services?
Cliff's Drilling (CDG)
DATE OPEN HIGH LOW CLOSE VOLUME
---------------------------------------------------------------
12/18/97 52.312 53.687 50.000 50.062 211,300
12/19/97 48.125 49.875 47.000 49.562 299,900
CDG with an increase in volume yet not increase in price from the
close of Thursday, might be signifying that another breakout is imminent.
CDG closed only down 1/2 which is significantly
better than the 47 which was the low of the day.
The following oil drillers have also closed well
above the lows of their days on Friday:
geocities.com
COOPER CAMERON CORP COM - RON - DAILY PRICES
DATE OPEN HIGH LOW CLOSE VOLUME
----------------------------------------------------------
12/18/97 58.562 60.500 56.562 57.875 414,300
12/19/97 57.250 57.312 54.312 56.437 723,100
____________________
EVI
E V I INC COM - EVI - DAILY PRICES
DATE OPEN HIGH LOW CLOSE VOLUME
---------------------------------------------------------------
12/18/97 48.000 48.500 46.750 46.750 682,400
12/19/97 46.000 47.250 44.500 46.68 594,200
December 18 December 19
Volume 7,063 8,433
MFI 66.37 81.52
EVI showed and increase in price as well as an increase
in volume.. Friday EVI showed an increase in volume
and MFI relative to Thursday. This means that more
traders are entering this stock than before. And
since the prices are moving up and volume up, we
might infer that there is going to be an increase
in interest in this stock for coming trading sessions.
-------------------
FGII:
December 18 December 19
Volume 2,974 7,930
MFI 58.84 29.95
FRIEDE GOLDMAN INTL INC COM- FGII - DAILY PRICES
DATE OPEN HIGH LOW CLOSE VOLUME
---------------------------------------------------------------
12/18/97 31.750 32.500 30.750 31.500 297,400
12/19/97 30.062 30.500 28.125 29.250 793,000
_____________________
FGII showed the same patterns as CDG: significant volume
increase yet price did not increase more than the close
on Thursday, nevertheless, close of 29.25 was again
higher than the low of the day.
________
RON
Today's volume and MFI shows an increase in volume relative
to yesterday, but the MFI is lower. The increase in volume
indicates heavy activity, but the decrease in the MFI
indicates that the market is unable to make any real
headway. Volume increased, the trend has stalled and
the price movement has stopped.
All these indications could mean the oils may continue their
upward trend tomorrow and next few trading sessions. Keep
a close watch on them.
The price is currently between the most recently confirmed
support and resistance levels. The most recent support
level was at 43.1/2. The most recent resistance level
was at 50. With the current price at 46.69, the
previous resistance level of 50.06 to again provide
upside resistance.
EVI is currently 0.8% below its 200-day moving average
EVI:
Date Volume price change
12/10/97 42% below average -1.37
12/11/97 108% above average -3.265
12/12/97 88% above average -2.625
12/15/97 329% above average -5.125
12/16/97 232% above average +3.250
12/17/97 237% above average +3.500
12/18/97 515 above average -1.250
12/19/97 30% above average -0.023 |
