What a chart, further to go, or not
Comments please

There is simply no way that a state-owned company in Mexico is going to table a bid for PMO.L.
It's ludicrous!!!! (almost laughable)
The MM's are taking the small punters for a ride.

Metals are good value at the moment.

this was my posting from a few days ago:


The only source of this buy-out rumour has been one reporter from the 'Independent' newspaper. No-one else has made any such claim. This is because the rumour is groundless and, as such, it has no credibility whatsoever. If it was credible then it would have been corroborated by other sources.

A good clue is found in the claim that the buy-out offer would come in friday morning. It clearly did not. Thus, somebody somewhere is obviously interested in spreading incorrect information. Do we really need to ask why?

The truth is, there is simply no way that a state-owned company in Mexico is going to table a bid for PMO.L.

It's just too ludicrous for words!!!!  (almost laughable)

The MM's are taking the smaller more gullible punters for a ride.

Once the rumour is seen for what it is the sp is going to sink - and, in a market where the oil price is also going down daily, 'sink' could very well = plummet !!!

....and now this:



Daily Telegraph - 05/09/2006
Market report: By Yvette Essen


Hopes of a 13-a-share bid for oil explorer Premier Oil receded.
The shares fell 15p to 10.42.

Premier Oil says no approach from Shell

By Tom Bergin


LONDON (Reuters) - Oil company Premier Oil has not received a takeover approach from Royal Dutch Shell, Premier's Chief Executive told Reuters on Tuesday.

Earlier, a Dow Jones Newswires report said that Shell was seeking bank advice regarding a possible bid for Premier Oil.

"I have no knowledge of any talks ongoing with Shell. We have not received any approach from Shell," Simon Lockett said, speaking in a telephone interview from Kuwait.

A spokesman for Shell said the company did not comment on market speculation.

just a thought .... what is Mr Lockett doing in Kuwait? Not a tourist destination.

Comments welcome.

.

Off she goes.

the "sophisticated" chart that i have in my sticky fingers indicates that if sp can now break upwards from exactly this level, then next serious resistance is about 1365.

as TLW have gone exceedingly quiet, have switched from there to here, though will keep TLW on watch, especially if it looks likley to break back up through 400

PMO has been very dull in recent months, but there has been a sudden surge in sp, though "trades" show nothing significant ..... chart below is still nothing to write home about, but just perhaps PMO has at last got some good news imminent

sudden and serious surge today but no published news ...... could be many reasons, but from a chart point of view, 200 dma resistance swiftly approaching

very curious indeed ..... sp rockets by about 1.00 but volume is quite light (could be more demand still hidden i guess) and no rns ..... in comparison, TLW has scarcely moved

Evolution say "investors are better off taking profits (in Cairn) and switching into stocks with greater upside potential such as Tullow Oil PLC and Premier Oil PLC."

crap recent performance, but a bounce off 200 dma at about 1130 could easily be on the cards

and by golly PMO have roofed it today!

there's a 1 year chart on post 38 ..... meanwhile, Sunday Times back page biz has a very bullish write-up on PMO .... well worth the read as it highlights an apparently imminent RNS re doubling of gas production and realisation of unbookd reserves and also that core NAV is reckoned by some to be as high as 16.20.

if some of this rubs off onto sp, then 25 dma could be breached with some impetus with just 12.00/12.50 thereafter being potential resistance points.

Premier Oil bucks the trend on rumours of a bid from Hungary's Mol .... from today's FT

yesterday, Credit Suisse or similar downgraded PMO to neutral and sp dipped a bit to hit 25 dma ..... this morning sp rockets away, though otherv oils are strong too ..... Q is whether or not the FT t/o rumour has any foundation

From The Times this morning:

Talk of a bid helped Premier Oil, the explorer with assets in the North Sea, Africa and South-East Asia, to add nearly 7 per cent at one stage yesterday. The rumour is of a bid in the region of 15 a share, valuing the group at 1.23 billion. Mol, the Hungarian oil producer, is seen as the potential predator, but others cited in the past include Santos, of Australia, Eni, of Italy, Shell, Dubai Energy and ONGC-Mittal.

Premier, which closed up 53p at 12.35, was also helped by Phil Corbett, of ABN Amro, who set a 14.85 price target and said that Premier was his top pick of the oil stocks, with potentially exciting drill results in Vietnam.

Although oil prices fell, Mr Corbett pointed out that prices for delivery of oil in about five years time are more than $86 a barrel.

http://business.timesonline.co.uk/tol/business/markets/article2957711.ece