New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

Thursday Closing Oil Prices Barrel Higher

08/07/2004

For the first time in more than a month, oil prices have surged back above 40 dollars a barrel. Traders say prices shot higher after Homeland Security Secretary Tom Ridge held a news conference and warned that terrorists are looking to disrupt the November elections.

In New York, crude for August delivery jumped more than three percent, up a dollar and a quarter to 40 dollars, 33 cents a barrel. Crude futures are the highest they've been since before OPEC's announcement last month that it would boost oil production.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

My take on the Technical Analysis (TA) after today's close on Xmortal's request :

I'm afraid to say the rally may be coming to an end in the short term. The RSI is in a very heavy overbought postion (14 day RSI at 91). In addition, the price has got way above the upper bollinger band (negative signal) which indicates a potential short term reaction down until the price is in between the bollinger bands again. The price may start to retreat now starting tomorrow morning or at some stage tomorrow or if you're lucky the price will rise again tomorrow holding onto any gains and start to ease come Monday next week. If you're holding these for the short term then it may be a good idea to take profits at some stage tomorrow, profit takers will move in once the TA traders start looking at the TA.

PS. If news comes then TA goes out of the window.

See below chart.



Best Wishes.

thanks sue... I kind of suspecting this especially after today's strong rally. Like Sue said if u are a short term trader then take some profits, if not then hold since the trend is upwards. To all good luck.

However.........there is some news that may keep PCI in its toes...

World oil prices soar
July 9, 2004 -


World oil prices shot higher, taking New York crude above $US40, as the market reacted with shock to a White House warning that al-Qaeda is planning a major US attack.

New York's benchmark light sweet crude contract for delivery in August soared $US1.25 to close at $US40.33 a barrel, the first finish above $US40 since June 1.

Brent North Sea crude leapt $US1.16 to $US37.77.

Homeland Security Secretary Tom Ridge issued the terrorist warning, which shattered market nerves even after weekly government figures showed commercial crude oil, petrol and distillate inventories on the rise.

"Credible reporting" indicated al-Qaeda planned a large-scale attack in the United States, Ridge said, adding that security would be stepped up at Democratic and Republican national conventions.

Ridge said he had no precise knowledge about time, place or method of attack.

"The fundamentals suggest that oil prices should have come down at least a dollar," said Oppenheimer market analyst Fadel Gheit.

"But Tom Ridge a couple of hours ago said that there is a high probability that there will be a terrorist attack during the Republican and Democratic conventions in Boston and New York in the next few weeks," he added.

"That scared the hell out of everybody."

The Democratic Party's national convention is to be held in Boston July 26-29, while President George W Bush's Republican Party is to hold its convention in New York August 30-September 2, ahead of the November 2 US presidential election.

The US Department of Energy said for the week to July 2 commercial stocks of crude oil rose by 100,000 barrels from the previous week to 305.0 million, petrol rose 1.0 million barrels to 206.1 million and distillate fuels - heating oil and diesel - were up 3.1 million at 114.0 million.

Morning all. Nice strong opening again. Offer is now 16.25p

Morning all. 8.15 in the morning and trade volume just away to hit 1m already, nice. Bid just hit 16p and buyers still buying!

gavdfc: Seems as though there is no stopping this one.

Looking good today Grevis. Buyers still happy to pay 16.25p. L2 strengthening as I type, 16 v 16.5 now, up 3.17%. Looks as if we got in at the right time!

Yep, good timing. Offers up again. Now 16.5p.

Bid's just followed. Now 16.25p

Another day like yesterday and you will be running out of Hamlet's very soon!

Just stocked up. Bought 18 to reflect todays closing price. LOL!

Bid/offer now 16.5/16.76P

Now thats what I like to hear Grevis, confidence!! Heres a link to a chart I found earlier. Dec 2007 long term oil futures, up to $32.

http://www.futuresource.com/charts/charts.jsp?s=CLZ07&o=&a=D&z=610x300&d=medium&b=bar&st=MACD%2812%2C26%2C9%29%3B

Just had a look. Oil is going the same way as PCI, UP!

We now have 17p!

Looks as profit taking is about to drive the price down.

Down she goes!

Some profit taking was always going to happen after the surge the last few days. Doesn't change the bigger picture one little bit to me though!

gavdfc: Couldn't resist the temptation to take profits. Sold out at 16.65p