SYNM technicals: Longer term trade.
Ok guys, listen up!When SYNM broke $7, it broke out of the MULTIYEAR DOWNTREND LINE that started in the mid or later 2001!!!
Currently we have a decent support at $12-12.5, but very good suport at $11, because $11 is where the 10-20-50-day Moving Average currently stand (all three averages sittin near $11!). It would be very difficult to even touch $10. That $10 barrier is very hard to break from here, especially when Legg Mason paid $10 for 7 million shares.
I would like to see it break $14.50 (which it did not on Friday), but more preferably $15. Once we break $15, we are headed to $20-25!We are hoping that the current momentum in the stock as well as the crude oil prices will take SYNM over $20 sooner than later. I suspect we will see $25 by the end of this year at the very latest.
I believe that Legg Mason picked up shares of SYNM at $10 because when the price dropped from $10 to $9 it was on low volume, indicating the absolute bottom was at $9. They could have bought it at $9, but most funds only buy stocks above $10. I tell ya, these guys are good.
Obviously the big boys are looking at the fundamentals 2-3 years out, or else Legg Mason wouldn't be buying 7 million shares at $10. Heck, there are so many profitable oil stocks out there like NGAS, GEOI, PZE and TMR that they could have nibbled on! But no! They almost 15% of SYNM!!
We need jet engine fuel (lol...isn't that what SYNM could make?? lol) to make SYNM really fly to my initial target of $20-25 rather quickly, and that would be a continued rise in crude oil prices! Hey, more press releases from management certainly won't hurt!
Currently we have a decent support at $12-12.5, but very good suport at $11, because $11 is where the 10-20-50-day Moving Average currently stand (all three averages sittin near $11!). It would be very difficult to even touch $10. That $10 barrier is very hard to break from here, especially when Legg Mason paid $10 for 7 million shares.
I would like to see it break $14.50 (which it did not on Friday), but more preferably $15. Once we break $15, we are headed to $20-25!We are hoping that the current momentum in the stock as well as the crude oil prices will take SYNM over $20 sooner than later. I suspect we will see $25 by the end of this year at the very latest.
I believe that Legg Mason picked up shares of SYNM at $10 because when the price dropped from $10 to $9 it was on low volume, indicating the absolute bottom was at $9. They could have bought it at $9, but most funds only buy stocks above $10. I tell ya, these guys are good.
Obviously the big boys are looking at the fundamentals 2-3 years out, or else Legg Mason wouldn't be buying 7 million shares at $10. Heck, there are so many profitable oil stocks out there like NGAS, GEOI, PZE and TMR that they could have nibbled on! But no! They almost 15% of SYNM!!
We need jet engine fuel (lol...isn't that what SYNM could make?? lol) to make SYNM really fly to my initial target of $20-25 rather quickly, and that would be a continued rise in crude oil prices! Hey, more press releases from management certainly won't hurt!
posted by beanie11111 | 1:41 PM
4 Comments:
I know that oil is hot right NOW! Hotter than the year 2000. Was it hotter than 1997?
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=synm&sid=0&o_symb=synm&freq=2&time=20&x=41&y=12
Was out today and saw some shocking gas prices!
Valero gas station in Sillicon Valley, California:
$2.59/gallon for 87 octane.
$2.69/gallon for 89 octane.
$2.79/gallon for 92 octane.
Yes today! Sunday!
Crude oil prices gonna fly on Monday, as well as the oil stocks!
Beanie, can you also check out PQUE?
-Alan
PQUE is another doubler by end of this year, imo.
If you guys are buying and holding oil stocks, be sure to buy some tech stocks to counteract the possible crude oil correction.
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