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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: edward shapiro who wrote (2159)	12/24/1997 1:25:00 PM
From: Eric Maggard	Respond to of 4276

Ed, I will help you out a little bit. This stock is in a strong decline, evidenced by the increase in volume and the decreasing stock price. The stock has been in a down trend since it broke through the 50 DMA in March and could not get back over it at the end of March. The decline from there has been on low volume until the middle of Sept. The volume jumped from an average of 50K to 100K to an average of 300K to 500K. If you look at the stock, the stock did hit the 50 DMA several times but didn't break through. (I have learned to use the 20 DMA for short term trading and the 50 DMA for longer trading) The stock could move back up and retest the 50 DMA, but I would not count on it moving through it for the near to mid term. The MACD has been bearish since the middle of February. The RSI is at an all time low, and the money flow is also touching an all time low. Now matter how you look at it the stock is looking very bad and probably will not improve in the near term. The stock needs to find a base with which to move higher in the mid term. Many new people will not invest in this company with a chart looking like it is. What the volume tells me, and I have stated this could be a possiblity. The law was changed to one year for the amount of time that stock could be restricted. So, the insider shares to Allen and most of the shares for the acquisitions this last year are probably available for sale. Most of these shares were given for property and so whatever they get for the shares will be more than they had before. I did buy in the low .20 range, but quickly got out when the stock couldn't break through the 50 DMA. With the recent posts I will not enter the stock again. I don't have hard feels about the company and have talked to Allen Burditt on several occations. (He was the Oilex management fielding questions about the properties at the time) If someone takes this as an attack on the company, then that is your perogative. I gave a TA reading on the stock and will do so one any other stock. Good luck with your investment and Merry Christmas to all, Eric