Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (4447)	7/2/1999 4:58:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 5504

Richard, for the record, after trying for the last few days to buy at $1-5/8, I yielded this morning at put a bid at 1-11/16. It got filled. I realize that HEC has still quite a number of hurdles, not the least of them is financing (remember it took more that a year before Arakis finally gave up on raising $200 MM for their share of the capex), but here the situation is slightly different, I hope. I am pretty sure that they will avoid another floorless, and the next "floorless" does not become effective for some time. In the meanwhile, they are adding reserves, they might even be in a position to start and pumping a little stuff. From a technical point of view, it looks like a saucer bottoming, we have not made a new low for quite some time, and we can claim to be at a double bottom (1-5/8) which was first reached last May. The interesting story is that money flow kept improving while the stock came back from 2-3/8 down to 1-5/8, a divergence indicating to me money is coming into the stock in "stealth". The OBV is also in positive territory since the rally of last May. And yesterday I had a Buy signal on the MA convergence/divergence. So, I will take a risk here and hope for a break above 2-3/8. If we break through that I would not be surprised to see a fast run to the $3.25 area, or almost a double bagger from here. I am out if we close under 1-9/16. Zeev